Baltic Dry Index Steady as Higher Panamax Rates Offset Capesize Dip
The Baltic Exchange's dry bulk sea freight index was little changed on Wednesday, as higher rates for panamax vessels countered a dip in the capesize and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, rose by 4 points to 2,289.
The capesize index fell 49 points, or 2.1%, to 2,301, its lowest level since late-March, 2021.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $406 to $19,084.
Iron ore futures rose on Wednesday as restocking demand in China propelled spot prices of the steelmaking ingredient to the highest in more than a week, despite renewed steel production controls in Tangshan city .
The panamax index gained 129 points, or 4.5%, at 3,003.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $1,158 to $27,865.
The supramax index slipped 44 points to its lowest level in more than a month at 2,165.
(Reporting by Brijesh Patel; Editing by Amy Caren Daniel)