Baltic index snaps 9-day losing streak as panamax, supramax rates rise

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The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday, as rates for panamax and supramax vessels edged up.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 4 points, or about 0.6%, to 680.

The panamax index was up 6 points at 1,060, a 10-day high.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $56 to $9,543.

Among smaller vessels, the supramax index (.BSIS) rose 8 points to 658.

The capesize index lost 1 point to 533, its lowest level in nearly five months.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $15 to $4,418.

Meanwhile, Dalian iron ore futures extended gains after a week-long Lunar New year holiday in China, climbing more than 3% to a contract high, on optimism around demand prospects for the world’s top steel producer.

Source: Reuters

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