Baltic index snaps 6-session losing streak on higher capesize rates

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, ended a six-session losing streak on Monday, as an uptick in capesize rates outweighed losses in panamax and supramax segments.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, edged up nine points, or 0.8%, to 1,139.

The capesize index gained 84 points, or 5.56%, to 1,596.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $694, at $13,237.

China has allowed three central government-backed utilities and its top steelmaker to resume coal imports from Australia, the first such move since Beijing imposed an unofficial ban on coal trade with Canberra in 2020.

The panamax index (.BPNI) extended its fall for the 11th consecutive day, dropping 49 points, or 3.77%, to 1,250, a four-month low.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $441 to $11,252.

Among smaller vessels, the supramax index (.BSIS) fell 14 points to its lowest in two and a half years to 825.

Source: Reuters

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