Baltic index flat as panamax gains offset capesize losses

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The Baltic Exchange’s dry bulk sea freight index was little changed on Monday as gains in the panamax segment were countered by a decline in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, inched 1 point lower to 1,323.

The capesize index shed 17 points, or about 1.1%, to 1,502, its lowest in more than a week.

Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $141 to $12,457.

Iron ore futures gained on Monday as hopes of better demand rose after more cities in top steelmaker China eased strict COVID-19 restrictions over the weekend.

The panamax index climbed 20 points, or about 1.2%, to a more than two-week high of 1,638.

Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $177 to $14,741.

The supramax index fell 4 points to 1,158.

Source: Reuters

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