The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a more than two-year high on Monday on higher demand for larger vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, touched its highest level since November 2014. The index was up 42 points, or 3.39 percent, at 1,282 points.
The capesize index gained 138 points, or 5.56 percent, at 2,620 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,188 to $19,266.
The panamax index was up 35 points, or 2.87 percent, at 1,253 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $280 to $10,066.
Among smaller vessels, the supramax index fell one point to 895 points, while the handysize index rose four points to 530 points.