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Baltic index snaps 5-day losing streak as capesizes gain

The Baltic Exchange’s dry bulk sea freight index gained on Thursday, after falling for five straight sessions, as firmer capesize rates offset losses in the smaller vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 24 points, or 1%, to 2,454 points.

The capesize index rose 196 points, or 6.4%, to 3,260.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $1,627 to $27,033.

Iron ore futures in China sank on Thursday to their lowest in more than a year, dragged down by a dismal demand outlook for steel products and raw materials in the world’s biggest steel producer.

The panamax index fell 139 points, or 5.6%, to a seven-month trough of 2,336.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $1,252 to $21,025.

The supramax index lost 12 points to its lowest level in six months at 2,248.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Ramakrishnan M.)

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