August 8, 2019 / 1:23 PM / 3 months ago

Baltic index snaps 12-day losing streak on higher panamax rates

Aug 8 (Reuters) - The Baltic Exchange’s main sea freight index rose on Thursday, breaking a 12-day losing streak, helped by improved demand for panamax vessels.

* The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 8 points, or 0.5%, to 1,720 points, after falling for twelve sessions in a row.

* The panamax index edged up by 48 points, or 2.7%, to 1,839 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $381 to $14,701.

* “Reports of increased Australian and Indonesian volumes, shortcomings of tonnage ballasting for east coast of South America along with few vessels available in the North Atlantic has pushed rates up somewhat,” shipbroker Fearnleys said in a weekly report.

* The capesize index gained 10 points, or 0.3%, to 3,181 points.

* Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $103 to $23,782.

* The supramax index was up 4 points at 959 points. (Reporting by Shreyansi Singh in Bengaluru; Editing by Shailesh Kuber)

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