Baltic index snaps 5-day winning streak as larger vessels rates slip

ships

The Baltic Exchange’s dry bulk sea freight index snapped a five-session winning streak on Tuesday as demand for capesize and panamax vessels weakened.

The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 16 points, or 0.81%, at 1,968, breaking its winning streak.

The capesize index dipped 82 points, or 4.6%, to 1,713, falling for the fourth session.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell by $679 to $14,209.

The panamax index inched 18 points lower, or 0.7%, at 2,400.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $162 to $21,601.

The supramax index was up 49 points to 2,277.

Source: Reuters

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