The Baltic Exchange’s main dry bulk sea freight index jumped nearly 8% on Monday, as rates for the larger capesize segment rallied to their highest since 2009.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 299 points, or 7.7%, its biggest daily percentage gain in over three months, to its highest since Aug. 27 at 4,163.
The capesize index added 813 points or 14.6%, its biggest daily jump in three months, to a near 12-year high at 6,380.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $6,736 to $52,908.
Chinese steel rebar futures were trading in a tight range on Monday, but near high levels as peak seasonal demand and curtailed production at mills kept prices elevated, while prices for steelmaking ingredients slumped.
The panamax index rose for a third straight session, gaining 99 points, or 2.8%, to 3,694, its highest since Sept. 1.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $893 to $33,249.
Among smaller vessels, the supramax index rose 10 points to 3,180.