Baltic index rises after four sessions of fall as capesizes rebound
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped its four-session falling streak on Monday as the capesize index bounced back.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 20 points, or 0.7%, to 3,059.
The capesize index rose 72 points, or 2.1%, to 3,514, having fallen in the previous four sessions.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, gained $597 to $29,139.
The panamax index dropped for an eleventh straight session, inching 12 points lower, or 0.3%, to 3,623, the lowest since June 24.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $108 to $32,611.
The supramax index fell 1 point to 2,774.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; editing by Uttaresh.V)