The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose to its highest in nearly two years on Monday, helped by an increase in larger vessel rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 20 points, or 0.9%, to 2,295 points, its highest level since March 2024. The index recorded its eighth consecutive session of gains.
The capesize index gained 47 points, or 1.3%, to 3,700 points, touching a near four-month high.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $393 to $30,685.
Iron ore futures rebounded on Monday, breaking a two-session losing streak, as policy support headlines from China and fresh supply disruptions fueled bullish sentiment.
The panamax index rose by 16 points, or 0.8%, to 1,944 points, marking its highest level since September 16.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $144 to $17,498.
Among smaller vessels, the supramax index was unchanged at 1,432 points.
Source: Reuters