The Baltic Dry Index (BDI) reached a five and half year high on Thursday at a reading of 1,816, up 2.19% on-day.
A latest Shipping Confidence Survey has shown a dip in confidence in the shipping industry over the past three months, and the survey respondents have forecast higher freight rates for the container and tanker shipping segments.
The Capesize market was hit by lower shipping activities due to European holidays and fewer iron ore cargoes coming out of western Australia.
Baltic Dry Index (BDI) formed a new norm of staying above 1,000 points and even extended its gains toward the 1,100 mark this week.
Star Bulk Carriers is continuing to expand acquiring the fleet of 11 vessels owned by Delphin Shipping LLC for $139.5m in a cash and equity deal.
Hit by losses from cancelled containership and bulk carrier charter contracts K Line reported a massive JPY111.1bn ($1bn) loss for FY18, end 31 March 2019.