Baltic Dry Index Rises Further to Near 1-Week High

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, was up for a second session on Tuesday, rising about 1.9% to a near one-week high of 2,593 points. The main support came from the bigger-size segment. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, also advanced for a second day, climbing 4.7% to 3,522 points. Meanwhile, the supramax index was steady at 1,868 points; and the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, fell by 1.7% to 2,247 points.

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.