Baltic dry bulk index ends five-day losing streak on Panamax gains
The Baltic Exchange's main sea freight index snapped a five-session losing streak on Tuesday, buoyed by stronger Panamax vessel rates.
The main index was up seven points, or 0.4 per cent, at 1,681.
The Panamax index rose 22 points, or 1.6 per cent, to 1,384. Average daily earnings for Panamax vessels increased $201 to $12,455.
The Capesize index lost one 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 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 four points to 983.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Sahal Muhammed)