Baltic Index Gains on Capesize Vessel Demand
The Baltic Exchange's main sea freight index rose for a fourth straight session on Monday, helped by higher demand for capesize vessels.
The index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, rose 11 points, or 0.3%, to 3,210.
The capesize index added 35 points, or nearly 1%, to 3,950, its highest since June 29.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, jumped by $286 to $32,755.
Dalian and Singapore iron ore futures rebounded on Monday after a five-day slump, due to a recovery in steel margins in China, the world's biggest buyer of the steelmaking ingredient.
The panamax index dropped 15 points, or 0.4%, to 3,513, its lowest since June 23.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped by $137 to $31,619.
The supramax index added 12 points to 2,883.
(Reporting by Seher Dareen in Bengaluru; Editing by Krishna Chandra Eluri)