Baltic Dry Index hits three-month high on strong Capesize demand

The Baltic Exchange's dry bulk sea freight index firmed on Monday to scale its highest level in three months, steered by strong Capesize rates.

The main index, which factors in rates for Capesize, Panamax and supramax shipping vessels, was up 47 points at 1,276 points, its highest since December 3.

The Capesize index added 162 points to 1,980 points, its highest in more than 13 weeks.

Average daily earnings for Capesize vessels increased by $1,350 to $16,424.

Iron ore futures fell for a sixth straight session amid rising trade tensions between the US and top consumer China, outweighing upbeat Chinese manufacturing data.

The Panamax index was down 18 points to 1,045 points, declining for a fifth straight session.

Average daily earnings for Panamax vessels dropped $165 to $9,404.

Among smaller vessels, the supramax index shed eight points to 887 points.

(Reporting by Ishaan Arora in Bengaluru; Editing by Shreya Biswas)