Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the fifth straight session on Monday, boosted by robust gains in capesize and panamax vessels.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 63 points to 1,558 points.
The capesize index rose 201 points to 2,517 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $1,662 to $20,872.
Dalian iron ore futures prices slid to their lowest in over two weeks as China’s latest stimulus package underwhelmed investors across markets, while softer economic data and firmer supply in the top consumer added pressure on prices.
The panamax index rose 6 points to 1,182 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, gained by $53 to $10,639.
Among smaller vessels, the supramax index lost 15 points to 1,064 points.
Source: Reuters (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Vijay Kishore)
