Baltic Dry Index Up on Firm Rates for Larger Vessels
The Baltic Exchange's main sea freight index rose for a third straight session on Monday, buoyed by an uptick in capesize and panamax vessels rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 9 points to 1,145.
The capesize index gained 14 points to 1,832.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $112 to $15,192.
The panamax index gained 20 points, or 1.8%, to 1,153, highest since June 21.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $173 to $10,373.
Iron ore futures dropped, as the lack of substantial stimulus from China unnerved investors, while concerns over long-term steel demand continued to weigh on the market.
Among smaller vessels, the supramax index slipped 2 points to 686.
(Reuters - Reporting by Sherin Elizabeth Varghese; Editing by Vinay Dwivedi)