Baltic index snaps six-session losing streak as capesize rates gain

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a six-session losing streak on Tuesday, supported by gains in capesize rates.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 52 points to 1,581 points.

The capesize index rose 166 points to 2,779 points, its highest level since Nov. 20.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $1,376 to $23,049.

Iron ore futures traded in a narrow range on Tuesday as a softer yuan bolstered hopes of a rate cut by China’s central bank, while higher tariffs loomed after a pledge by U.S. President-elect Donald Trump.

The panamax index lost 12 points to 1,056 points, hitting a more than one-year low.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $111 to $9,503.

Among smaller vessels, the supramax index edged 1 point higher to 985 points.
Source: Reuters (Reporting by Anushree Mukherjee in Bengaluru; Editing by Shreya Biswas)