Baltic index snaps six-session losing streak on capesize gains

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The Baltic Exchange’s main sea freight index snapped a six-session losing streak on Wednesday, as gains in the capesize segment outweighed losses in panamax and supramax.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 67 points, or 2.6%, to 2,633 points.

The capesize index added 259 points, or about 9.7%, to 2,927 points.

Chinese iron ore futures rose for a fourth straight session as investor sentiment shored up after the state council rolled out package to rescue the economy, though the jump could be restrained by steel output controls.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $2,148 at $24,274.

The panamax index dropped 22 points, or 0.8%, to 2,851 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $197 to $25,663.

The supramax index lost 40 points to 2,703 points.

Source: Reuters