The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday to near 15-week highs, boosted by rising rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 25 points, or about 2 percent, at 1,306 points, its highest since Jan. 10.
The capesize index gained 94 points, or 4.9 percent and hit 2,009 points, its highest in 14 weeks.
Capesize earnings continued to rise on the recent positive momentum due to increased activity on iron ore routes out of Brazil
and fewer idle vessels, analysts at ship broker Clarksons
Platou Securities wrote in a note.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $671 at $16,437.
The panamax index was down eight points, or 0.621 percent, at 1,281 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $61 to $10,286.
The supramax index rose two points to 1,027 points
Reporting by Nithin Prasad