Baltic dry index rallies on broad demand strength

The Baltic Exchange's main sea freight index, a benchmark for global dry bulk shipping rates, bounced higher on Tuesday, reversing the previous decline as buying interest revived across most vessel segments.

On May 26, the overall index, which comprises rates for Capesize, Panamax and Supramax vessels, rose 94 points, or 3.1%, from the previous session to settle at 3,085 points, a relatively high level so far this year. Previously, the index had fallen for five consecutive sessions to 2,964 points