The Baltic Exchange’s main sea freight index rose to its highest in a year on Monday, helped by higher rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, climbed 3.2% to 1,991.
The capesize index added 176 points, gaining 5.3% to 3,485 – its highest level since May 25, 2022.
Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $1,456 to $28,901.
Iron ore futures fell, with the Dalian benchmark hitting its lowest in nearly six weeks after the Golden Week holiday, as negative steel mill margins, production curbs, and uncertain economic recovery in China weighed on sentiment.
The panamax index snapped a seven-day losing streak, by rising 0.9% or 14 points to 1,586.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain, gained $124 to reach $14,275.
Among smaller vessels, the supramax index slipped 0.1%, losing 1 point to 1,232 – falling for an eleventh straight day.