Baltic Index Snaps Seven-session Losing Streak
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Monday, helped by a rise in capesize vessel prices.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up four points, or 0.42 percent, at 952 points, marking its first gain in eight sessions.
The capesize index gained 30 points, or 3.64 percent, at 854 points, moving further away from a near nine-month low touched on April 5.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $196 at $7,352.
The panamax index was down two points, or 0.15 percent, at 1,315 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $15 to $10,559.
The supramax index fell eight points to 1,024 points.
Reporting by Harshith Aranya in Bengaluru
