The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities hit a fresh three-and-a-half-year peak on Monday on higher rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 8 points, or 0.51 percent, to 1,586 points, a peak since March 2014.
The dry bulk shipping market is expected to remain firm in the coming months due to stable supply and demand, Jefferies analysts wrote in a note to clients.
The capesize index rose 42 points, or 1.34 percent, to close at 3,187 points, the highest level since November 2014.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $244 at $22,389.
The panamax index shed 1 point to close at 1,642 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $6 to $13,217.
Among smaller vessels, the supramax index rose 2 points to end at 1,128 points, while the handysize index was up 4 points to close at 683 points.