Baltic index hits over 2-week peak on firm demand for larger vessels

The Baltic Exchange's dry bulk sea freight index BBDI rose to a more than two-week high on Monday, supported by higher rates for capesize and panamax vessels.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 23 points, or about 1.7%, to 1,347.

* The capesize index (.BACI) added 56 points, or about 3.5%, to 1,669, the highest level since Oct. 28.

* Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, were up $472 at $13,845.

* The panamax index (.BPNI) was up 17 points, or about 1.2%, to 1,496.

* Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $158 to $13,468.

* The supramax index (.BSIS) edged 2 points lower to 1,180.

* Iron ore futures in Singapore slumped more than 3% on Monday, retreating after a three-day climb, as protests against stringent COVID-19 restrictions in top steel producer China prompted caution.