Baltic Index Edges Up
The Baltic Exchange's main sea freight index on Thursday gained after posting losses in the last three sessions, as strong gains in panamax and supramax vessel rates countered a slide in the capesize segment.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 10 points, or 0.8%, to 1,313.
The capesize index dropped 53 points, or 4.1%, to an over two-month low of 1,243. The index slipped for a 16th consecutive session.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $437 to $10,312.
The panamax index was up 74 points, or 4.1%, at 1,871, a peak since mid-October, 2019.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $666 to $16,838.
The supramax index added 22 points to 1,197, its highest level since Oct. 24, 2019.
(Reporting by Bharat Govind Gautam; Editing by Vinay Dwivedi)