Baltic Dry Bulk Index Heads Higher on Capesize and Panamax Rally

The Baltic Exchange's main sea freight index rose on Monday, lifted by strong gains in the Capesize and Panamax vessel segments.

The main Baltic index rose 49 points, or 1.8 per cent, to 2,854 points, its highest since October 9.

The Capesize index rose 115 points, or 2.7 per cent, to 4,459 points, its highest in more than a month.

Average daily earnings for Capesize vessels increased by $1,044 to $36,936.

Iron ore futures were steady on Friday and notched a second weekly gain, supported by expectations of further coke price cuts that could ease cost pressures on steel mills.

The Panamax index added 34 points, or 1.7 per cent, to reach 2,037 points, its highest level since October 26.

Average daily earnings for Panamax vessels rose by $300 to $18,330.

Among smaller vessels, the supramax index lost five points, or 0.3 per cent, to reach 1,810 points, its lowest since October 8.

(Reporting by Anjana Anil in Bengaluru; Editing by Tasim Zahid)