The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a five-session losing streak on Tuesday, buoyed by stronger panamax vessel rates.

The main index, which monitors rates for capesize, panamax and supramax shipping vessels, was up 7 points, or 0.4%, at 1,681.

The panamax index rose 22 points, or 1.6%, to 1,384.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased $201 to $12,455.

The capesize index lost 1 point to 2,817, its lowest level since June 4. The contract was down for a sixth-straight session.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $7 to $23,360.

Iron ore futures snapped a three-day rally on Tuesday amid strengthening supply outlook from top producer Australia, but resilient steel demand in China cushioned the fall.

Among smaller vessels, the supramax index gained 4 points to 983.
Source: Reuters