The Baltic Exchange's sea freight index, which measures global shipping costs, extended its gains for the eighth consecutive day, reaching a 1-1/2 month high of 1,899 points on Tuesday.

The capesize index, which transports 150,000-tonne cargoes like iron ore and coal, increased by 1.9% to 3,224 points; and the panamax index, which tracks ships carrying coal or grain weighing 60,000 to 70,000 tonnes, rebounded by 3 points to 1,581 points.

Additionally, the supramax index continued its upward trend for the tenth day in a row, climbing 22 points to 1,220 points.