The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest in over two months as rates across all vessel segments gained on Monday.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 22 points to 1,999 points, hitting its highest since July 4.
The capesize index added 40 points, or 1.2%, to 3,275 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $336 to $27,162.
The panamax index was up 14 points to 1,552 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $126 to $13,968.
Meanwhile, iron ore futures fell to their lowest in more than a year, as investors weighed prospects of soft China demand amid an uneven economic recovery and stronger supply against fresh monetary easing measures by the world’s top consumer.
Among smaller vessels, the supramax index was up 12 points to 1,301.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore)
