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Baltic index snaps eight-day winning streak

The Baltic Exchange’s main sea freight index inched down on Wednesday, ending eight consecutive sessions of gains, as lower earnings for capesize vessels offset higher rates across vessel segments.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell seven points, or 0.4%, to 1,599 points.

The capesize index gained 32 points, or 1%, to 3,382 points, logging its ninth consecutive session of gains.

However, average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined $286 to $24,916.

Shipments of steelmaking ingredient iron ore from Brazil stood at 6.0 million tonnes, down by 516,000 tonnes from a week earlier, data compiled by Mysteel consultancy showed.

The panamax index rose 11 points, or 0.8%, to 1,326 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $95 to $10,627.

The supramax index edged up three points to 828 points, registering its eleventh consecutive session of gains.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru)

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