The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, held steady near a two-month high, as gains in capesize vessel rates countered declines in smaller vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 1 point to 2,154 points, marking its highest level since July 28.

The capesize index climbed 35 points, or 1.1%, to 3,189, its highest since August 18.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $287 to $26,443.

Iron ore futures prices rebounded on Tuesday, supported by improving steel output in China, while gains in steel benchmarks reflected improving sentiment despite weak housing data.

Meanwhile, the panamax index extended losses, dropping 35 points, or 1.8%, to 1,968, its lowest in a week.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $315 to $17,712.

Among smaller vessels, the supramax index lost 2 points, to 1,491 points.
Source: Reuters