The Baltic Exchange's benchmark for dry bulk shipping registered gains on Monday as freight rates strengthened across all major vessel segments.
The overall Baltic dry bulk freight index rose by 23 points, an increase of 1.8%, to reach 3,001. The index had previously hit its highest level since March 2024 on May 7.
The capesize component advanced 21 points, or 0.4%, to 4,976. Average daily earnings for capesize ships - vessels that commonly carry about 150,000-ton cargoes such as iron ore and coal - rose by $192 to $41,630.
Iron ore futures continued to climb for a sixth straight session, buoyed by positive economic data from China, the world's largest consumer of the commodity. The article notes that lower steel exports are expected to help rebalance steel prices and steel mill margins, while year-on-year declines in iron ore shipments and inventories have provided additional support to prices.
Panamax rates saw a notable uptick, with the panamax index gaining 50 points, or 2.2%, to 2,283. That level marks the panamax index's strongest reading since March 2024. Average daily earnings for panamax vessels - which typically transport between 60,000 and 70,000 tons of commodities such as coal or grain - increased by $449 to $20,548.
The supramax sector also posted an increase, with its index rising 5 points, or 0.3%, to 1,527.
Taken together, the movements reflect a broad-based uplift in the dry bulk freight market, with capesize and panamax segments showing the most pronounced gains in daily earnings. Iron ore price momentum tied to China's data was cited as a supporting factor for capesize demand and earnings.