The Baltic Exchange’s dry bulk sea freight index snapped a ten-day losing streak on Tuesday as rates increased across larger vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 20 points to 1,402 points. The index hit its lowest since Jan. 18 in the previous session.
The capesize index gained 73 points to 1,859 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $606 to $15,417.
Iron ore futures retreated, snapping a two-day winning streak, as uncertainty surrounding top consumer China’s plans for fiscal stimulus weighed on the market, while a stronger supply outlook further pressured prices.
The panamax index gained 5 points to 1,195 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $41 to $10,752.
Among smaller vessels, the supramax index lost 13 points to 1,221 points.
Source: Reuters
