The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, and the capesize market rose again on Thursday on strong Chinese demand, brokers said. The index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose 2.66 percent or 86 points to 3,316 points on Thursday.
The Baltic's capesize index .BACI surged 4.59 percent to 3,894 points, continuing on from Wednesday gains after dropping at the start of the week.
Capesize ships typically haul 150,000 tonne cargoes such as iron ore, which is used to make steel.
China's crude steel output jumped 22.5 percent from a year ago to 50.36 million tonnes in February, the National Bureau of Statistics said on Thursday.
"The Capesize market is responding to firmer Chinese steel prices," Dahlman Rose & Co said in a shipping market note.
The Baltic's panamax index .BPNI also rose, rebounding from its first drop since Feb. 15 on Wednesday, up 1.92 percent to 4,090 points on Thursday.
The Baltic's capesize index .BACI surged 4.59 percent to 3,894 points, continuing on from Wednesday gains after dropping at the start of the week.
Capesize ships typically haul 150,000 tonne cargoes such as iron ore, which is used to make steel.
China's crude steel output jumped 22.5 percent from a year ago to 50.36 million tonnes in February, the National Bureau of Statistics said on Thursday.
"The Capesize market is responding to firmer Chinese steel prices," Dahlman Rose & Co said in a shipping market note.
The Baltic's panamax index .BPNI also rose, rebounding from its first drop since Feb. 15 on Wednesday, up 1.92 percent to 4,090 points on Thursday.