Baltic index ticks down as capesize losses offset gains in smaller vessels

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The Baltic Exchange’s dry bulk sea freight snapped a 12-session winning streak on Tuesday, as pressure from lower capesize rates outweighed gains in smaller vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 0.3% at 2,291 points.

The capesize index snapped its nine-session rising streak, shedding 57 points, or 1.4%, to 4,148.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $471 to $34,402.

Iron ore futures prices were mixed, as investors digested a raft of key economic targets set by policymakers in top consumer China’s annual meeting of the National People’s Congress.

The panamax index added 32 points, or 1.8%, to 1,805 points, its highest level since Jan. 3.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $281 at $16,242.

Among smaller vessels, the supramax index, extended gains, adding 15 points, or 1.2%, to 1,297 points. It rose for a fifteenth straight session.

Chinese importers are believed to have purchased at least 65,000 metric tons of animal feed corn from Ukraine in deals on Monday, European traders said on Tuesday.

Source: Reuters