The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, rose to a near two-year-high on Monday, supported by strong gains in the capesize segment.

The main index which factors in rates for capesize, panamax and supramax shipping vessels, rose by 23 points, or 0.9%, to 2,583 points, its highest since December 2023.

The capesize index climbed 82 points, or about 1.8%, to 4,563 points, also marking its highest level since December 2023.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $682 to $37,840.

Iron ore futures prices advanced for a fourth session, buoyed by strong buying of medium-grade cargoes, though gains were capped by year-end blast furnace maintenance.

The panamax index fell by 18 points, or 0.9%, to 1,934 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $161 to $17,405.

Among smaller vessels, the supramax index rose by 1 point to 1,442 points.
Source: Reuters