Baltic index snaps 13-session losing streak as panamax gains

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The Baltic Exchange’s dry bulk sea freight index snapped a 13-session losing streak on Tuesday, as gains in panamax outweighed losses in the capesize and supramax segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 4 points, or about 0.2%, to 2,035 points.

The panamax index climbed 77 points, or about 2.8% to 2,862 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $700 to $25,763.

The capesize index slipped 27 points, or 1.9%, to 1,368 points, its lowest since early February.

Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, decreased by $218 to $11,348.

The supramax index dropped 25 points to 2,448 points.

Source: Reuters