The Baltic Exchange’s main sea freight index rose on Monday, helped by rising rates for the larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose by 15 points or 1.5% to 1,024.

The capesize index gained 33 points or 2.2% to 1,555.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $269 to $12,894.

Meanwhile, Dalian and Singapore iron ore futures sank more than 3% as traders awaited fresh news on China’s stimulus amid idling production, while the country’s weak demand data dragged trader sentiment lower.

The panamax index earned 12 points or 1.2% to 996 – its highest in a week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $114 to $8,966.

Among smaller vessels, the supramax index remained unchanged at 724.

Source: Reuters