Baltic Dry Index Snaps Nine-day Losing Streak
The Baltic Exchange’s dry bulk sea freight index rose on Wednesday for the first time in ten sessions, helped by an uptick in capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, added 35 points, or about 3%, to 1,184.
The capesize index added 127 points, or 11.6%, to hit its highest in a week at 1,219.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $1,049 to $10,106.
Meanwhile, Dalian iron ore futures extended their losses for a third straight session as worries over rising COVID-19 cases in top steelmaker China weighed on market sentiment.
The supramax index ended its 22-session losing streak and edged up 3 points to 1,163.
The panamax index dropped 32 points, or 2.1%, to an 11-week low at 1,464.
Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $283 to $13,180.