The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday, supported by strong gains in the Capesize and Panamax vessel segments, according to Reuters.
The main Baltic index, which tracks rates for Capesize, Panamax and Supramax vessels, climbed 49 points, or 1.8%, to 2,854 points, its highest level since October 9.
The Capesize index rose 115 points, or 2.7%, to 4,459 points, reaching its highest level in more than a month. Average daily earnings for capesize vessels, which typically transport cargoes of around 150,000 metric tons, including iron ore and coal, increased by $1,044 to $36,936.
Iron ore futures were steady on Friday, posting a second consecutive weekly gain, supported by expectations of further coke price cuts that could ease cost pressures on steel mills.
The Panamax index added 34 points, or 1.7%, to reach 2,037 points, its highest level since October 26. Average daily earnings for panamax vessels, which usually carry between 60,000 and 70,000 tons of coal or grain, rose by $300 to $18,330.
Among smaller vessels, the Supramax index edged down 5 points, or 0.3%, to 1,810 points, its lowest level since October 8.
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