Baltic index snaps 14-session losing streak on firm capesize rates

0
1480

The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a 14-session losing streak on Wednesday, helped by stronger capesize vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 17 points, or 1.1%, to 1,587 points.

The capesize index gained 49 points, or 2.3%, to 2,202.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $412 to $18,266.

On the capesize front, the week began on a slower note post-Easter, gradually gaining momentum despite limited activity from miners in the Pacific,” Intermodal Research Analyst Chara Georgousi said in a weekly note on Tuesday.

Dalian iron ore futures prices rose for a third straight session, aided by expectations that construction activity is picking up in top consumer China, but gains were capped by investor caution over the scale of the demand recovery.

The panamax index .BPNI edged down to 1,631 points.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, fell $19 to $14,680.

Among smaller vessels, the supramax index edged up about 0.1% to 1,260 points.

Source: Reuters