Baltic index climbs for fourth straight session on capesize gains

The Baltic Exchange’s dry bulk sea freight index rose for a fourth straight session on Wednesday, as gains in the capesize segment countered the losses in panamax and supramax.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 13 points, or 0.8%, to 1,698, hitting its highest level since July 31.

The capesize index rose 71 points, or 3%, to 2,473. The index was also up for the fourth straight day.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $591 at $20,509.

Iron ore futures prices fell for a second consecutive session, pulled down by weak near-term demand from top consumer China and growing concerns about consumption in the reminder of the year.

The panamax index lost 27 points, or 1.6%, to 1,651, marking its lowest level in nearly four weeks.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $241 to $14,861.

Among smaller vessels, the supramax index was down 11 points, or 0.8%, to 1,309.
Source: Reuters (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Shreya Biswas)