Baltic index ends 12-day winning streak

The Baltic Exchange's dry bulk sea freight index (BDI), an indicator of supply-demand fundamentals in global dry cargo markets, snapped a 12-session winning streak on Tuesday, as pressure from lower capesize rates outweighed gains in smaller vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, registered 2,291 points on 5 March, down 6 points or 0.3% compared to 4 March.

Behind the dip was mainly the falling capesize index (BCI) which snapped its nine-session rising streak yesterday, shedding 57 points or 1.4% on day to 4,148 points. And the average daily earnings for capesize vessels, which typically transport cargoes such as iron ore and coal, decreased by $471 to $34,402.

In contrast, the panamax index added 32 points, or 1.8%, to 1,805 points, its highest level since January 3. The average daily earnings for panamax vessels, which usually carry coal or grain cargoes, were also up $281 at $16,242.

For smaller vessels, the supramax index extended gains on Tuesday, adding 15 points or 1.2% on day to 1,297 points, marking its 15th straight session of rise.

Note: This article has been published under an article exchange agreement between Mysteel Global and BigMint.