Baltic index steady as higher capesize rates offset dip in smaller segments
The Baltic Exchange’s dry bulk sea freight index was little changed on Monday as an uptick in the larger capsize segment countered a dip in the panamax and supramax vessels.
The overall index, which factors in rates for capesize, panamax and supramax vessels, rose by 3 points, or 0.1%, to 2,718, snapping a 12-session losing streak.
The capesize index increased 98 points, or 3%, to 3,378, its second straight session of gains.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $815 to $28,014.
Iron ore futures eked out gains in volatile trade on Monday following a string of losses, but benchmark prices struggled under $100 a tonne due to weak Chinese demand and swelling portside inventory of the steelmaking raw material.
The panamax index fell 8 points, or 0.3%, to 3,063, its weakest since June 8.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $77 to $27,564.
The supramax index fell 82 points, or 3.4%, to 2,334, touching its lowest in nearly six months.
Source: Hellenic Shipping News