Baltic Exchange Dry Index – 2023

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Credit: Peninsula’s bunker tanker Hercules Sky supplying a biofuel blend to a chemical tanker in Gibraltar. Peninsula

The Baltic Exchange’s main sea freight index, which measures the cost of shipping goods worldwide, rose by 5 points to 1,128 points on 3rd August , after a 2.4% slump the day before, amid higher demand for panamax vessels, says an article published on Tradingeconomics.

Seventh straight session

The panamax index, which tracks ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, extended gains for a seventh straight session, rising about 2.8% to 1,112 points.

A positive week

“A positive week as sentiment continues to be positive on the back of fresh inquiries and thinner prompt tonnage. Market stays balanced with optimism next week opening,” shipbroker Fearnleys said in a weekly note, referring to the panamax segment.

Supramax index

Meanwhile, the capesize index, which tracks vessels typically transporting 150,000-tonne cargoes such as iron ore and coal, dropped by 5 points to 1,803 points; and the supramax index fell by 5 points to 695 points.

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Source- Trading economics