The Baltic Exchange’s dry bulk sea freight index edged up to a seven-week high on Monday, buoyed by climbing rates in the capesize and supramax segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 5 points, or 0.3%, at 1,871 points, its highest since Jan. 9.

The capesize index gained 18 points, or 0.6%, to 3,163.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $154 to $26,233.

Iron ore futures tumbled to their lowest level in four months as higher inventories in key buyer China and slower construction activity due to unfavourable weather raised demand concerns.

The panamax index continued its downward streak, easing 17 points, or 1.1%, to 1,578 points, touching a two-week low.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, was down $156 at $14,201.

Among smaller vessels, the supramax index rose for a ninth straight session, adding 9 points to 1,198 points.

Source: Baltic Exchange