The Baltic Dry Index (BDI) reached its highest level since 21 January as intra-Asia charters helped lift the supramax market and a tight US Gulf market boosted handysizes.
The Baltic Exchange's key bulker benchmark indicator ticked up by 0.6% to 631, a seven-week high, despite a standstill in capesize rates.
Average time-charter equivalent rates for supramaxes jumped to $8,088 per day, the highest level of the year and a 57% surge since the sector's rates cratered at $5,150 per day last month.
The day's gain was fuelled by what brokers said was an active day in the Indian Ocean market.
Minmetals Shipping's 63,600-dwt ML Swallow (built 2015), for example, scored a charter from Chittagong to the east coast of India, then onto China.
An unnamed charterer is agreed to pay $13,859 per day for the ultramax in a deal that's still on subjects.
Baltic Exchange data also showed that Grecomar Shipping's 63,300-dwt Vita Kouan (built 2016) won a charter on a similar journey at $14,250 per day Wednesday.
A similar trip on an ultramax of similar dimensions was worth just $7,000 per day in late February.
Also pushing the bulker market upwards Wednesday were smaller handysize vessels.
The Baltic Handysize Index recorded its biggest one-day gain since of 2020, rising 11 points to 374.
Export fixtures out of the US Gulf of Mexico were behind the gains, with the 34,500-dwt Hilma Bulker (built 2017) garnering a charter on subjects to move grains to the east coast of Mexico at $13,000 per day, according to Baltic data.
"Brokers described the tonnage list remaining tight in the US Gulf," exchange analysts said.
Rates in the Pacific also climbed, but there were few reported fixtures to back it up.
By contrast, the large ship market moved sideways, with the Baltic Capesize Index dipping three points to negative 350.
"West Australia to China business was active with a couple of charterers requiring tonnage but rates were serviced at similar to last done levels," the exchange said in its daily market report.
