Baltic index snaps 10-day losing streak as capesize rates rise
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Tuesday after ten straight sessions of losses as rates for capesize vessels jumped.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was up 9 points, or 0.7%, at 1,354 points.
The capesize index climbed 92 points, or 3.8%, to 2,485.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $643 to $20,033.
The panamax index slipped 39 points, or 3.1%, to 1,207, its lowest in over four months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $311 to $9,696.
The supramax index fell 22 points to 774.
Source: Reuters (Reporting by Asha Sistla in Bengaluru; Editing by Maju Samuel)