Baltic index falls as capesizes hit lowest in seven months

Dec 22 (Reuters) – The Baltic Exchange’s dry bulk sea freight index declined on Wednesday, pressured by lower rates across the capesize vessel segment, recording its lowest level since June.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, lost 65 points, or 2.8%, to 2,229, its lowest since April 14.

* Rates for the vessels have further eroded into the current week ahead of the holidays, shipbroker Intermodal said in a weekly note dated Tuesday.

* The capesize index (.BACI) fell 208 points, or 7.8%, to its lowest since June 8 at 2,455.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,725 to $20,363.

* Benchmark Dalian and Singapore iron ore futures fell as concerns over COVID-19 curbs in China and the approaching off-season for construction activity in the world’s biggest steel producer soured sentiment.

* The panamax index (.BPNI) added 73 points, or 3.2%, to 2,384, ending a 10-session losing streak.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $664 to $21,460.

* The supramax index (.BSIS) shed 46 points to its lowest in over three weeks at 2,337.

Reporting by Kavya Guduru in Bengaluru; Editing by Shinjini Ganguli

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