Capesize Segment Buoys Baltic Index

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Thursday, supported by higher capesize rates.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 3 points to 969 points.

The capesize index was up 64 points at 1,164 points. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $530 to $9,653.

Dalian iron ore futures prices snapped a four-day losing streak, aided by China's latest stimulus measures and accelerated purchases by steel mills.

The panamax index fell by 45 points to 992 points. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $400 to $8,931.

The supramax index fell 16 points to 830 points, its lowest since August 2023.