The Baltic Exchange’s dry bulk sea freight index was little changed on Monday as an uptick in the larger capsize segment countered a dip in the panamax and supramax vessels.
The overall index, which factors in rates for capesize, panamax and supramax vessels, rose by 3 points, or 0.1%, to 2,718, snapping a 12-session losing streak.
The capesize index increased 98 points, or 3%, to 3,378, its second straight session of gains.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $815 to $28,014.
Iron ore futures eked out gains in volatile trade on Monday following a string of losses, but benchmark prices struggled under $100 a tonne due to weak Chinese demand and swelling portside inventory of the steelmaking raw material.
The panamax index fell 8 points, or 0.3%, to 3,063, its weakest since June 8.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $77 to $27,564.
The supramax index fell 82 points, or 3.4%, to 2,334, touching its lowest in nearly six months.