The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, firmed on Monday, helped by rising capesize and panamax vessel rates.

The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, was up 35 points or 1.4% to 2,377 points, its highest level in nearly three months.

The capesize index .BACI gained 69 points, or 1.6%, to 4,314, its highest since Dec. 12.

Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $579 to $35,780.

Iron ore futures prices extended their decline into a second straight session to the lowest in more than four months, dragged down by the persistently weak fundamentals of the key steelmaking ingredient in top consumer China.

The panamax index .BPNI rose for a tenth straight session, adding 32 points, or 1.7%, to 1,893 points.

Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $290 at $17,040.

Among smaller vessels, the supramax index .BSIS, ticked down 2 points to 1,316 points.

A missile-related incident has been reported west of Yemen’s Red Sea port city of Hodeidah, British maritime security firm Ambrey said.

Source: Baltic Index