The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, hit a more-than-one-month high on Monday supported by higher capesize vessel rates.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 28 points, or 1.3%, to 2,153 points, the highest level since September 29.

The capesize index added 76 points, or 2.3%, to 3,328 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $629 to $27,597.

Iron ore futures prices climbed on Monday to their highest in two weeks, driven by firm near-term demand and revived hopes of stimulus from top consumer China after a raft of weak data.

The panamax index shed 10 points, or 0.5%, to 1,887 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $85 to $16,986.

Among smaller vessels, the supramax index rose 15 points, or 1.1%, to 1,423 points, up for the eighth straight session.
Source: Reuters