Baltic index snaps 10-session losing streak as capesize rates jump

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The Baltic exchange’s main sea freight index snapped a 10-session losing streak on Wednesday, supported by a jump in capesize rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 61 points, or 2.5%, to 2,481.

The capesize index rose by 95 points, or 4%, to 2,488.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, rose by $787 to $20,632.

Iron ore futures rose on Wednesday, with the Dalian benchmark contract climbing after a three-day slump, as worries over supply boosted prices of the steelmaking raw material.

The panamax index gained 72 points, or 2.4%, to 3,065, its highest since May 12.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, went up by $642 to $27,582.

The supramax index rose by 29 points to 2,508, its highest since May 25.

Source: Reuters

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