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Baltic index flat as panamax gains offset capesize losses

The Baltic Exchange’s dry bulk sea freight index was little changed on Monday as gains in the panamax segment were countered by a decline in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, inched 1 point lower to 1,323.

The capesize index shed 17 points, or about 1.1%, to 1,502, its lowest in more than a week.

Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $141 to $12,457.

Iron ore futures gained on Monday as hopes of better demand rose after more cities in top steelmaker China eased strict COVID-19 restrictions over the weekend.

The panamax index climbed 20 points, or about 1.2%, to a more than two-week high of 1,638.

Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $177 to $14,741.

The supramax index fell 4 points to 1,158.
Source: Reuters (Reporting by Ananya Bajpai in Bengaluru Editing by Vinay Dwivedi)

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