The Baltic Exchange's dry bulk freight index rose on Monday, logging a more-than-one-month high, supported by higher rates in Capesize and supramax vessel segments.
The main Baltic index added 16 points, or 0.5 per cent, to reach 2,960, its highest level since early June.
The Capesize index was up 47 points, or one per cent, at 4,702, its highest in over a month. Average daily earnings for Capesize vessels including iron ore and coal, rose $427 to $39,138.
Iron ore futures fell, as widening losses among Chinese steel mills and mounting expectations of production cuts weighed, while a decline in global shipments offered support.
The Panamax index was down three points, or 0.1 per cent, at 2,250. Average daily earnings for Panamax vessels fell to $19 to $20,254.
Among smaller vessels, the supramax index was up one point, or 0.1 per cent, at 1,707, highest level since June 22.
(Reporting by Vedika Thorat in Bengaluru; Editing by Joyjeet Das)
