The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose on Tuesday, supported by higher capesize vessel rates.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 28 points to 2,200 points.

The capesize index gained 104 points to 3,469 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $867 to $28,770.

Iron ore futures prices closed lower, pressured by signs of softening end-use steel demand in China, although restocking ahead of the Chinese National Day holiday provided some support during the session.

The panamax index shed 23 points to 1,799 points, its lowest since September 4.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $210 to $16,190.

Among smaller vessels, the supramax index was steady at 1,486 points.
Source: Reuters