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Baltic index extends winning streak to 4th day

The Baltic Exchange’s dry bulk sea freight index rose for a fourth straight session on Wednesday to its highest in more than six weeks, on gains in rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 96 points to 2,244, its highest level since Jan. 10.

The capesize index jumped 177 points, or almost 9%, to 2,192, its highest level since Jan. 11.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $1,472 to $18,181.

Meanwhile, Dalian iron ore futures ended lower after a volatile daytime session as concerns about China’s regulatory environment tempered optimism about demand prospects for the steelmaking ingredient in the world’s top steel producer.

The panamax index rose 103 points to 2,699.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, gained $924 to $24,290.

The supramax index advanced 29 points to 2,388.

Source: Reuters

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