Baltic index rises after four sessions of fall as capesizes rebound

capesize

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped its four-session falling streak on Monday as the capesize index bounced back.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 20 points, or 0.7%, to 3,059.

The capesize index rose 72 points, or 2.1%, to 3,514, having fallen in the previous four sessions.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, gained $597 to $29,139.

The panamax index dropped for an eleventh straight session, inching 12 points lower, or 0.3%, to 3,623, the lowest since June 24.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $108 to $32,611.

The supramax index fell 1 point to 2,774.

Source: Reuters

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