Baltic index climbs in fifth straight session

The Baltic Exchange's dry bulk sea freight index, rose for a fifth straight session on Tuesday on firmer rates for Capesize and Panamax vessel segments.

The main index was up eight points, or 0.6 per cent, at 1,430 - its highest since April 4.

The Capesize index gained 33 points, or 1.4 per cent, to 2,333, its highest since April 3. Average daily earnings for Capesize vessels added $279 to $19,350.

Iron ore futures fell to their lowest in nearly two months due to demand fears sparked by US President Donald Trump's plan to double tariffs on steel imports and on weak factory data in top consumer China.

The Panamax index gained one point, or 0.1 per cent, to 1,108, breaking an eight-session losing streak. Average daily earnings for Panamax vessels rose $6 to $9,973.

"We see the Capesize sector paving the way, with iron ore exports from Brazil and Australia to China increasing," said Yiannis Parganas, head of Intermodal's research department.

"Given the wide premium of Capesize rates over Panamax, some cargoes are now being split and shifted toward Panamax vessels as well."

Among smaller vessels, the supramax index lost six points, to 942 points, its lowest since April 15.

On the trade policy front, the Trump administration is urging countries to submit their best trade offers, ahead of a five-week deadline, according to a draft letter seen by Reuters.

(Reporting by Ishaan Arora in Bengaluru; Editing by Maju Samuel)