Baltic Index Ticks Up as Large Bulkers Post Gains

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday, as rates increased across larger vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 4 points to 994 points.

The capesize index was up 17 points to 1,132 points.  Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $144 to $9,388.

Iron ore futures rose on Monday, aided by expectations of restocking by steelmakers in top consumer China, although high portside inventories and concerns about demand going into next year limited the gains.

The panamax index rose 4 points to 980 points. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $38 to $8,820.

Among smaller vessels, the supramax index .BSIS was down 8 points at 932 points, its lowest level since August last year.