Baltic index steady as higher panamax rates offset capesize dip
The Baltic Exchange’s dry bulk sea freight index was little changed on Wednesday, as higher rates for panamax vessels countered a dip in the capesize and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, rose by 4 points to 2,289.
The capesize index fell 49 points, or 2.1%, to 2,301, its lowest level since late-March, 2021.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $406 to $19,084.
Iron ore futures rose on Wednesday as restocking demand in China propelled spot prices of the steelmaking ingredient to the highest in more than a week, despite renewed steel production controls in Tangshan city .
The panamax index gained 129 points, or 4.5%, at 3,003.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $1,158 to $27,865.
The supramax index slipped 44 points to its lowest level in more than a month at 2,165.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Amy Caren Daniel)