Capesize, supramax gains buoy Baltic sea freight index


The Baltic Exchange’s main sea freight index was little changed on Tuesday, as capesize and supramax gains offset lower rates in the panamax segment.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 1 point, or 0.08%, to 1,271 points, snapping a three-day losing streak.

* The capesize index rose 50 points, or 6.7%, also snapping a three-day long streak of declines, to 797 points. The index registered its best daily percentage gain in two weeks.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $409 at $6,608.

* China’s iron ore and steel prices rose as the government’s latest lending rate cut boosted sentiment, while demand prospect looked set to improve ahead of the peak season for construction steel.

* The panamax index, which has not seen a single day of gains since a month, lost 73 points, or 4.4%, to 1,572 points, on its worst day in a month.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $659 to $14,149.

* Nearly two-thirds of European territory is in a state of drought alert or warning due to heatwaves and low rainfall, reducing inland shipping, electricity production and the yields of certain crops, an EU agency said.

* The supramax index rose for the eighth consecutive session, gaining 14 points to 1,765 points.

Source: Reuters