The Baltic Exchange’s dry bulk sea freight index rose to a one-week high on Monday, as gains in the capesize segment overshadowed declines in rates for smaller vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 29 points, or 2.1%, at 1,436 points, its highest since Jan. 29.
The capesize index added 112 points, or 5.5%, at 2,142 points, the highest level in nearly two weeks.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $929 to $17,766.
Dalian iron ore futures fell amid persistent caution due to mounting port inventory and lingering property worry in top consumer China, while the Singapore benchmark rebounded slightly on increased purchases.
The panamax index fell 25 points, or 1.7%, to a three-week low of 1,419 points.
Average daily earning for panamax vessels, which usually carries about 60,000 tons to 70,000 tons of coal or grain cargo, was down by $228 at $12,768.
More grain ships diverted around South Africa last week after attacks on Red Sea shipping.
Among smaller vessels, the supramax index was down 4 points at 1,037 points.
Source: Hellenic Shipping News
