Baltic Index Extends Gains as Capesize Rates Rise

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for a second consecutive session on Monday, propped up by higher rates for the capesize segment.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, added 5 points to 1,814 points.

The capesize index gained 43 points to 2,878 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $363 to $23,872.

Iron ore futures climbed on Monday as renewed prospects of further fiscal stimulus from China following a key government briefing lifted sentiment in the top consumer's steel market.

However, the panamax index dropped 26 points to 1,409 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell by $235 to $12,683.

Among smaller vessels, the supramax index was down 7 points to 1,262.

(Reuters - Reporting by Rahul Paswan; Editing by Varun H K)