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Baltic index snaps 9-session losing streak

The Baltic Exchange’s main sea freight index edged up on Thursday, ending a nine-session losing streak, on higher demand for capesize vessels.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, inched up 6 points, or 0.3%, to 1,785.

The capesize index gained for the first time in 10 sessions, as it rose 53 points, or 1.8%, to 2,926.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $372 to $24,112.

The panamax index fell 22 points, or 1.2%, to 1,748.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, fell $182 to $14,012.

The supramax index dipped 10 points to 1,200.
Source: Reuters (Reporting by Shreyansi Singh in Bengaluru;)

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