Higher capesize rates help Baltic index snap 3-session losing streak

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The Baltic Exchange’s main sea freight index .BADI, tracking rates for ships carrying dry bulk commodities, snapped its three-session losing streak on Monday, supported by an uptick in capesize vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up by 18 points, or 1.7%, at 1,083.

The capesize index gained 40 points, or about 3.9%, to 1,072 – its biggest daily percentage gain in almost three weeks.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $326 to $8,887.

Iron ore futures clung to modest gains amid optimism over top global steel producer China’s policy support for its struggling property sector.

The panamax index was unchanged from the previous session at 1,478.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, edged up by $5 to $13,305.

Among smaller vessels, the supramax index rose 15 points or 1.5% to 995, hitting it highest level since May 24.

Source: Reuters

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