Baltic Index Snaps 7-day Losing Streak

July 29, 2020

© Alexey Lesik / Adobe Stock
© Alexey Lesik / Adobe Stock

The Baltic Exchange's main sea freight index rose on Wednesday, after declining for seven consecutive sessions, as rates for larger capesize and panamax vessels bounced back after a series of declines.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 53 points, or 4.2%, to 1,317.

The Baltic capesize index gained 145 points, or 7.3%, to 2,137. The index had posted losses in the previous seven sessions.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, jumped $1,197 to $17,721.

The panamax index was up 30 points, or 2.6%, at 1,166, ending a 10-session losing streak.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $271 to $10,491.

The supramax index fell 7 points to 890.


(Reporting by Shreyansi Singh; Editing by Ramakrishnan M.)

Logistics News

Two Chinese VLCCs Exit Strait of Hormuz

Two Chinese VLCCs Exit Strait of Hormuz

South African Veterinary Association Stands Against Live Export

South African Veterinary Association Stands Against Live Export

Indiana Breaks Ground on New Grain Facility

Indiana Breaks Ground on New Grain Facility

US Charges Executives and Firms Over Container Cartel

US Charges Executives and Firms Over Container Cartel

Subscribe for Maritime Logistics Professional E‑News

Algeria purchases wheat for shipment to two ports, traders claim
Hong Kong listings a target for foreign firms as IPOs rebound
Senators criticize US Transport chief for road trip funded by corporate donors