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Sun, Jan

Baltic Index Snaps 5-session Winning Streak

World Maritime

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped its five-session winning streak on Monday, pressured by weaker rates across capesize and supramax

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped its five-session winning streak on Monday, pressured by weaker rates across capesize and supramax vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 29 points to 1,043 points. The capesize index was down 85 points to 1,290 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $711 to $10,696. Iron ore futures extended declines to hit their lowest in more than a month, as hot metal output in China slowed while weakness in the top consumer's equity markets added pressure on prices.

The panamax index gained 21 points to 1,061 points, a four-week high. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $190 to $9,548.

Among smaller vessels, the supramax index shed 17 points at 867 points, down for the seventeenth straight session.

Meanwhile, the Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with

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