The Baltic Exchange’s dry bulk sea freight index rose on Friday and posted its biggest weekly percentage gain since late-September, buoyed by strong demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 32 points, or about 2.1%, at 1,560, its highest since Oct. 27.

The main index gained 12.6% for the week, its biggest weekly gain since Sept. 23.

The capesize index was up 113 points, or about 5.4%, to its highest in more than eight weeks at 2,208. It posted a weekly gain of 31.2%.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $938 to $18,312.

Dalian iron ore was bound for a third straight weekly rise on Friday on optimism over China’s economic recovery prospects in 2023, with traders largely brushing aside a wave of local COVID-19 infections.

The panamax index lost 6 points, or about 0.4%, at 1,652. It was down 0.4% for the week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $55 to $14,869.

The supramax index shed 10 points at 1,157, although it gained 0.4% for the week.

The Baltic Exchange’s dry bulk sea freight index rose on Wednesday for the first time in ten sessions, helped by an uptick in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, added 35 points, or about 3%, to 1,184.

The capesize index added 127 points, or 11.6%, to hit its highest in a week at 1,219.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $1,049 to $10,106.

Meanwhile, Dalian iron ore futures extended their losses for a third straight session as worries over rising COVID-19 cases in top steelmaker China weighed on market sentiment.

The supramax index ended its 22-session losing streak and edged up 3 points to 1,163.

The panamax index dropped 32 points, or 2.1%, to an 11-week low at 1,464.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $283 to $13,180.

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, marked its best week in over seven months, largely driven by a 126% weekly gain in the capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, recorded its third weekly gain of about 28%, highest since mid-February.

However, the dry index snapped its seven-day long gaining streak, losing 59 points, or about 3.7%, on its worst day in over two weeks, to 1,553.

The capesize index posted a weekly gain of about 126%, its highest in over two years. However, it snapped a five-day winning streak, losing 118 points, or about 7.2%, at 1,519.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, fell $981 to $12,599.

Dalian and Singapore iron ore futures fell after data showed China’s property sector contracted further in August, with a seasonal demand boost usually seen beginning September not yet in sight.

The panamax index posted a 6.7% weekly gain, its second consecutive weekly gain. However, it fell for the second consecutive session and was down 100 points, or about 4.8%, at 1,990.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $900 at $17,913.

Around 82 ships with 418 seafarers remain stuck around Ukrainian ports despite the opening of a U.N.-backed sea corridor to ship grains with efforts to get the mariners sailing still stuck, shipping industry officials said on Thursday.

The supramax index .BSIS rose for the fourth consecutive session by 22 points to 1,551.