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Rising rates help Baltic index snap losing streak

The Baltic Exchange’s main sea freight index gained on Tuesday, snapping a four-session run of losses, helped by stronger rates in the capesize and panamax vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was up 22 points, or 1.3%, to 1,673.

The capesize index, rose 57 points, or 4%, to 1,465, breaking a losing streak of eight sessions.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, added $473 to $12,152.

Benchmark iron ore futures on the Dalian Commodity Exchange closed 1.5% higher on Tuesday at 1,155 yuan per tonne.

The panamax index gained 14 points, or 0.7%, to 2,100.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $124 at $18,899.

The supramax index was unchanged at 1,879 points, its highest level, as per Refinitiv Eikon records going back to April 2017.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Shailesh Kuber)

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