Baltic index steady as larger vessels snap losing streak

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The Baltic Exchange’s main sea freight index was little changed on Thursday as the capesize and panamax segments snapped their recent losing streaks, helping offset pressure from a dip in the smaller supramax segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, edged down 1 point to 993, lowest since June 5.

The capesize index rose for the first time in nine days, gaining 4 points to 1,479.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $31 to $12,265.

“On a positive note, the activity in south Atlantic is still fairly high and capesize freight is now getting competitive compared to panamax,” ship broker Fearnleys said in weekly note referring to the capesize sector.

Iron ore futures struggled for firm direction, as worries about steel production curbs in China offset optimism about additional stimulus expectations.

The panamax index rose 2 points to 971, snapping a 12-session long losing streak.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $13 to $8,736.

Among smaller vessels, the supramax index shed 9 points, or 1.2%, to 728, declining for the fifth consecutive session.

Source: Reuters

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