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Baltic Dry Index Snaps Losing Streak

Reuters
Total Views: 664
January 30, 2023
Reuters

Jan 30 (Reuters) – The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday, as rates for panamax and supramax vessels edged up.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 4 points, or about 0.6%, to 680.

* The panamax index was up 6 points at 1,060, a 10-day high.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $56 to $9,543.

* Among smaller vessels, the supramax index rose 8 points to 658.

* The capesize index lost 1 point to 533, its lowest level in nearly five months.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $15 to $4,418.

* Meanwhile, Dalian iron ore futures extended gains after a week-long Lunar New year holiday in China, climbing more than 3% to a contract high, on optimism around demand prospects for the world’s top steel producer.

(Reporting by Harshit Verma in BengaluruEditing by Vinay Dwivedi)

(c) Copyright Thomson Reuters 2023.

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