The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a second straight session on Monday, driven by demand for the capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 61 points or 4.2% to 1,523.

The capesize index rose 186 points or 8.7% to 2,319, its highest in 11 days.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,544 to $19,234.

Iron ore prices were little changed as gains aided by healthy fundamentals and stimulus were partly offset by fears of possible government supervision in top consumer China following the recent price rally and narrowing steel margins.

The panamax index was steady at 1,448.

Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, lost $5 to $13,029.

Among smaller vessels, the supramax index fell 3 points or 0.3% to 1,098, its lowest level in nearly 2 months.

Source: Reuters reported by Tina Parate in Bengaluru and edited by Shweta Agarwal