The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday, supported by increased demand for capesize vessels.

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was up 4 points at 578 points.

The capesize index rose 44 points, or 7.14 percent, to 660 points, its highest since Feb. 11.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $211 to $4,948.

The panamax index slipped by 8 points, or 1.35 percent, to 586 points.

Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, were down $64 at $4,670.

The handysize index and supramax index slipped by a point each to 328 and 617 points respectively.