Baltic Index Snaps 9-Session Losing Streak
The Baltic Exchange's main sea freight index edged up on Thursday, ending a nine-session losing streak, on higher demand for capesize vessels.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, inched up 6 points, or 0.3%, to 1,785.
The capesize index gained for the first time in 10 sessions, as it rose 53 points, or 1.8%, to 2,926. The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $372 to $24,112.
The panamax index fell 22 points, or 1.2%, to 1,748. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, fell $182 to $14,012.
The supramax index dipped 10 points to 1,200.
Reporting by Shreyansi Singh