Baltic index snaps 7-day losing streak as rates for larger vessels rebound
The Baltic Exchange’s main sea freight index rose on Wednesday, after declining for seven consecutive sessions, as rates for larger capesize and panamax vessels bounced back after a series of declines.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 53 points, or 4.2%, to 1,317.
The Baltic capesize index gained 145 points, or 7.3%, to 2,137. The index had posted losses in the previous seven sessions.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, jumped $1,197 to $17,721.
The panamax index was up 30 points, or 2.6%, at 1,166, ending a 10-session losing streak.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $271 to $10,491.
The supramax index fell 7 points to 890.
Source: Reuters (Reporting by Shreyansi Singh in Bengaluru; Editing by Ramakrishnan M.)