Baltic Dry Index Breaks 10-Day Losing Run

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, snapped its long ten-day losing sreak on Monday, rising about 1.4% to 2,546 points, mainly due to a rebound in the larger vessel segment. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, advanced by 3.6% to 3,365 points, after ten consecutive sessions of declines, partly tracking higher iron ore prices amid stronger crude steel production and better-than-expected economic growth in China. At the same time, the supramax index rose by 0.2% to 1,868 points. Meanwhile, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, fell 1.2% to 2,286 points.

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, fell about 1.3% to a fresh low since June 30 at 2,515 points on Friday, marking its tenth consecutive daily decline. Weak iron ore demand and subdued sentiment in China’s steel market continued to weigh on Capesize rates, while ample vessel availability added to the downward pressure. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, fell further, slipping 2.2% to its lowest since early April at 3,249 points; and the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, fell 1.8% to 2,314 points. Among smaller vessels, the supramax went up by 0.5% to 1,865 points. The benchmark index fell about 14% over the week, extending its losing streak to three consecutive weeks.

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, slumped about 4.6% to its lowest since June 30 at 2,545 points on Thursday, marking the ninth consecutive session of declines. Downward pressure continued to come from larger vessel segments. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, plunged 8.5% to its lowest since early April at 3.322 points; and the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, slumped by 2.2% to 2,356 points. Among smaller vessels, the supramax index rose by 0.6% to 1,856 points.