The Baltic Exchange’s dry bulk freight index, which tracks rates for vessels transporting dry bulk commodities, rose for a second straight session on Monday, lifted by gains across all vessel segments.

The main index, which tracks rates for capesize, panamax and supramax vessels, rose 83 points, or 5.3%, to 1,650, a one-week high.

The capesize index added 179 points, or 8.1%, to 2,403.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $1,623 to $18,293.

Iron ore futures fell to two-week lows as a raft of data from top consumer China highlighted persistent weakness in the property market, raising concerns about demand for the key steelmaking ingredient.

The panamax index gained 63 points, or 4.3%, to 1,521.

Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, increased $568 to $13,688.

Among smaller vessels, the supramax index ticked up by 3 points to 970.
Source: Reuters