Baltic index edges up on panamax, supramax gains

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a three-session losing streak on Wednesday, aided by gains in the panamax and supramax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 4 points, or 0.3%, to 1,372.

The panamax index was up 13 points, or 0.8%, at 1,657.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $114 to $14,910.

Dalian and Singapore iron ore futures fell as another price warning from China’s state planner weighed on market sentiment.

The capesize index fell 35 points, or 2.1%, to 1,643, its lowest since March 9.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $292 to $13,624.

Among smaller vessels, the supramax index rose 38 points to 1,151.

Source: Reuters

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