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Baltic index dips for fifth straight session on capesize weakness

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a fifth consecutive session on Tuesday, mirroring a dip in the capesize segment.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 75 points, or 4.2%, at 1,732 points, following its biggest percentage fall in over two months in the previous session.

The capesize index lost 222 points, or 6.7%, at 3,074 points, also falling for the fifth straight session.

However, iron ore shipments from Brazil and Australia to China, the world’s biggest buyer of the steel-making ingredient, were expected to rise in coming months on higher supplies from major miners and easing port congestion.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,836 to $25,497.

The panamax index was down seven points, or 0.5%, at 1,436 points, snapping seven straight sessions of gains.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $59 to $12,927.

Among smaller vessels, the supramax index was flat at 982 points, while the handysize index rose two points to 598 points.
Source: Reuters (Reporting by Diptendu Lahiri in Bengaluru; Editing by Krishna Chandra Eluri)

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