The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry commodities, extended gains to scale a more than eight-month peak due to higher rates across both large and small vessel segments. The main index, which monitors rates for capesize, panamax and supramax shipping vessels, was up 166 points, or 9.6%, at 1,904, its highest since October 7. The capesize index surged 459 points, or 14.8%, to 3,555, its highest level since September 30. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, climbed $3,802 to $29,481. Iron ore futures prices slid as investors awaited more details on the trade talks between the U.S. and China even as President Donald Trump struck a positive note. Trump said on Wednesday he was very happy with a trade deal that restored a fragile truce in the U.S.-China trade war. The Chinese foreign ministry said on Thursday China will always honour its commitments, without elaborating. The panamax index firmed another 38 points, or 2.8%, to 1,375, hitting a six-week high. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, added $340 to $12,376. Among smaller vessels, the supramax index gained 11 points to 933, a near one-week high. Source: Reuters