Panamax and supramax segments lift Baltic index for third session

The Baltic Exchange's main sea freight index rose for a third successive session on Wednesday, as gains in the Panamax and supramax segments countered a decline in Capesize rates.

The main index added five points, or 0.3 per cent, to 2,046 points, its highest since August 8.

The Capesize index lost 42 points, or 1.4 per cent, to 2,989 points. Average daily earnings for Capesize vessels fell $354 to $24,786.

Iron ore prices dropped for a second consecutive session, as rising supply outweighed strong short-term demand for the steelmaking ingredient.

The Panamax index was up 56 points, or 3.1 per cent, to 1,874 points, its highest since July 24. Average daily earnings for Panamax vessels rose $502 to $16,865.

Among smaller vessels, the supramax index rose 10 points, or 0.7 per cent, to 1,447 points, highest since May 2024.

(Reporting by Pablo Sinha in Bengaluru; Editing by Sahal Muhammed)