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 Tuesday, driven by higher rates across all vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 60 points, or 3%, to 2,079 points, its highest level since July 29.

Meanwhile, the capesize index rose to a two-week high, adding 104 points, or 3.6%, to 3,016 points, its highest since August 26.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $867 to $25,017.

Iron ore futures climbed for a sixth straight session, driven by mounting concerns over supply prospects from the giant Simandou project in Guinea, coupled with expectations of improving demand in top consumer China.

The panamax index gained 77 points, or 4.2%, to 1,923 points, reaching its highest since July 17.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $698 to $17,311.

Among smaller vessels, the supramax index rose 9 points, or 0.6%, to 1,473 points.
Source: Reuters