Baltic index snaps 10-session losing streak as capesize rates gain

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a 10-session losing streak on last Friday, supported by gains in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points, or 0.4%, to 1,675, after hitting over a three-month low in the previous session. The index was down 7.7% for the week.

The capesize index rose 38 points, or 1.7%, to 2,327. The index also snapped a 10-day losing streak.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $313 at $19,299.

Dalian iron ore futures prices climbed on Friday but were on track for a weekly loss as traders assessed the consequences of a wave of production cuts across Chinese steelmakers amid the top consumer’s faltering steel market.

The panamax index lost 8 points, or 0.5%, to 1,705, marking its lowest level in over two weeks.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, decreased $73 to $15,345.

Among smaller vessels, the supramax index was down 10 points, or 0.7%, to 1,342.