The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday, supported by strong gains in the capesize vessel segment.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 20 points to 1,071 points.
The capesize index gained 77 points to 1,340 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $642 to $11,116.
Prices of iron ore futures rebounded on Monday, as a revival of hopes for monetary easing in top consumer China outweighed faltering near-term demand and bleak property data that had sent prices to the lowest levels one week earlier.
The panamax index fell 18 points to 977 points, its lowest level since July 2023.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $159 to $8,796.
Among smaller vessels, the supramax index was down 4 points at 955 points, its lowest level since August last year.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Shilpi Majumdar)
