Capesize gains snap Baltic index’s 10-session loss streak
The Baltic Exchange’s main sea freight index rose on Monday, snapping a 10-session losing streak, as capesize rates logged their best day in more than three weeks.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up for the first time since July 22, edging up 6 points, or 0.4%, to 1,566 points.
The capesize index gained 54 points, or 3.8%, at 1,465 points, logging its first rise in 11 sessions and its best day since July 15.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $452 to $12,152.
China’s coal imports in July rose by nearly a quarter from June to near the highest levels so far this year, customs data showed on Sunday, as power generators increased purchases for peak summer demand, while imports of iron ore rose 3.1% from a year earlier, as steelmakers’ margins improve.
The panamax index was down for the 10th straight session, shedding 9 points, or 0.5%, at 1,958 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $75 to $17,624.
China’s soybean imports in July fell 9.1% from a year earlier, customs data showed on Sunday, as poor crushing margins and weaker consumption in the world’s largest buyer of the oilseed reduced appetite for shipments.
The supramax index fell 29 points to 1,671 points, its lowest since Feb. 7.
Source: Reuters (Reporting by Deep Vakil in Bengaluru;)