The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped its five-day losing streak on Wednesday, as gains in the capesize segment offset a decline in rates for smaller vessel segments.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, rose 2 points to 603.

The capesize index gained 31 points, or 7%, to 474, its biggest daily percentage gain in seven weeks.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $250 at $3,927.

Meanwhile, iron ore futures swung back and forth on Wednesday, with the Singapore benchmark briefly trading below $120 a tonne, as traders reassessed near-term demand prospects in top steel producer China.

The panamax index was down 11 points, or 1.27 %, at 856, its lowest since June 12.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, lost 102 points to 7,704 points.

The supramax index (.BSIS) fell 16 points to 651.

Source: Reuters