Baltic index snaps 4-day losing streak on firm capesize rates

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The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday as firm capesize vessel rates snapped a four-session long losing streak.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 26 points, or 1.1%, at 2,509.

The capesize index added 139 points, or 3.3%, to 4,398.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, added $1,155 to $36,475.

Iron ore futures fell on downbeat investor sentiment due to disappointing data in top consumer China as well as falling demand for the key steelmaking ingredient.

The panamax index lost 55 points, or 2.6%, at 2,049, its lowest level since Nov. 23.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $494 to $18,438.

Among smaller vessels, the supramax index was down 15 points to 1,506.

Source: Reuters

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