Capesize Dip Drags Baltic Dry Index

The Baltic Exchange's dry bulk sea freight index inched lower on Thursday as a drop in the larger capesize segment countered gains in panamax and supramax rates.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 3 points to 2,588 points.

The capesize index slipped 28 points to 2,604 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $234 to $21,596.

Chinese ferrous futures rose, with benchmark Dalian iron ore advancing by more than 5% on renewed hopes for additional stimulus to help the world's second-biggest economy offset the impact of a COVID-19 resurgence.

The panamax index rose 3 points to 2,850.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $23 to $25,649.

The supramax index .BSIS was up 16 points to 2,892 points.

(Reuters - Reporting by Rahul Paswan; Editing by Shinjini Ganguli)