Baltic index ends 7-session losing run as capesize, panamax rates rise
The Baltic Exchange’s main dry bulk sea freight index snapped a seven-session losing streak on Thursday, buoyed by firmer rates for larger vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 25 points, or 0.7%, to 3,643.
The capesize index added 76 points, or 1.6%, to 4,962.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $633 to $41,151.
China’s benchmark metallurgical coal and coke futures surged to record highs, driven by fears of a prolonged tightness in supply of the steelmaking materials in the world’s top steel producer.
The panamax index snapped an eight-session losing streak, gaining 37 points, or 1.1%, to 3,510.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $329 to $31,589.
Among smaller vessels, the supramax index dipped 32 points to a more than three-week low of 3,179.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Vinay Dwivedi)