According to MANA, Following an impressive market, the weighted time charter average on the Baltic exchange hit $6,815 per day on Friday, up 3.5% on week and the highest level in a month.
The Baltic handysize index rose to 467 points from the week-ago level of 451.
The United States Department of Agriculture estimates that global wheat exports will reach another record of 180.3m tonnes, up 4.3% year on year, due to bumper harvests in many top exporter countries and low world prices.
Furthermore, consulting agency UkrAgroConsult said in a report that Egypt and Bangladesh would remain the most attractive markets for Black Sea wheat. This is likely to favour the handysize segment by adding extra tonne-miles.
Freight rates on all benchmark trade lanes improved, with the HS3 route, Rio de Janeiro-Recalada trip to Skaw-Passero, registering the biggest gain.
Rates on the journey surged by 6.7% over the week to close at $9,736 a day on Friday.
The HS1 route, Skaw-Passero trip to Rio de Janeiro-Recalada, jumped by 13.7% week on week and was assessed at $5,590 per day on Friday.
On HS4, the US Gulf trip via US Gulf or north coast South America to Skaw-Passero route, the market was trading at $8,904 per day, up 2.9% compared with the previous week.
Meanwhile, there is a sense that sentiments have turned more positive in the short-turn, with Allied shipbroking expecting further gains to be seen over the next couple of days.
According to Clarksons, three fixtures were reported in the spot market, which included a steel shipment from Japan to Thailand at $6,750 a day, an agri-product shipment from South Brazil to the continent at $9,900 per day, and a trip from China to Japan at $7,750 a day.