Baltic index rises for fourth day on firm capesize demand

Capesize_bulk_carrier

The Baltic Exchange’s dry bulk sea freight index rose for a fourth straight session on Tuesday as higher capesize rates offset losses in the panamax and supramax segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 22 points, or 1.6%, to 1,440.

The capesize index rose 89 points, or 7.4%, to 1,297, its highest level in two weeks.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $738 to $10,753.

The panamax index eased 17 points to 1,811, its lowest since April.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $158 to $16,296.

The supramax index fell 9 points to its lowest level since February 2021 at 1,578.

Source: Reuters

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