The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, hit a one-week high on Monday, driven by higher rates across all vessel segments.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 40 points, or 2%, to 2,019 points, its highest level since September 1.
The capesize index also rose to a one-week high, adding 77 points, or 2.7%, to 2,912 points, its highest since September 1.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $637 to $24,150.
Iron ore futures rose for a fifth straight session on Monday, supported by a sharp fall in shipments from a major supplier and resilient steel exports in top consumer China.
The panamax index gained 44 points, or 2.4%, to 1,846 points, reaching its highest since August 29.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $392 to $16,613.
Among smaller vessels, the supramax index rose 8 points, or 0.6%, to 1,464 points.
Source: Reuters
