The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, rose on Tuesday on higher rates for the capesize vessel segment.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 19 points, or 0.9%, to 2,035 points.

The capesize index gained 80 points, or 2.7%, to 3,061.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $670 to $25,390.

Iron ore futures prices closed higher for a fifth straight session on Tuesday, buoyed by expectations of further stimulus after Beijing unveiled a $170 billion hydropower project to boost economic growth.

The panamax index fell 6 points, or 0.3%, to 1,909.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $50 to $17,182.

Among smaller vessels, the supramax index lost 17 points, or 1.3%, to 1,329.
Source: Reuters