The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, extended its gains from the previous session and rose to a more than one-month high on Monday, supported by higher capesize vessel rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 27 points, or 1.3%, to 2,153 points, its highest since July 28.
The capesize index added 84 points, or 2.7%, to 3,154 points, its highest level since August 18.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $699 to $26,156.
Prices of iron ore futures ended lower on Monday, pressured by persistent weakness in top consumer China’s property sector, even as steel benchmarks and steelmaking ingredients posted gains.
Meanwhile, the panamax index snapped a seven-day winning streak, losing 3 points, or 0.2%, to 2,003 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $29 to $18,027.
Among smaller vessels, the supramax index rose by 1 point, or 0.1%, to 1,493 points.
Source: Reuters