Baltic Dry Index Snaps 7-Day Losing Streak

Photo: Shutterstock/Volodymyr Kyrylyuk

July 29 (Reuters) – The Baltic Exchange’s main sea freight index rose on Wednesday, after declining for seven consecutive sessions, as rates for larger capesize and panamax vessels bounced back after a series of declines.

* The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 53 points, or 4.2%, to 1,317.

* The Baltic capesize index gained 145 points, or 7.3%, to 2,137. The index had posted losses in the previous seven sessions.

* Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, jumped $1,197 to $17,721.

* The panamax index was up 30 points, or 2.6%, at 1,166, ending a 10-session losing streak.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $271 to $10,491.

* The supramax index fell 7 points to 890. (Reporting by Shreyansi Singh in Bengaluru; Editing by Ramakrishnan M.)

(c) Copyright Thomson Reuters 2020.

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