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Baltic index gains on higher panamax rates

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday as stronger panamax rates offset a dip in the larger capesize segment.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 7 points, or 0.5% to 1,425, its highest since mid-October last year.

The capesize index dropped 12 points, or 0.6%, to 2,087, snapping a thirteen-session streak of gains.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $98 to $17,310.

Iron ore futures see-sawed, with the most-active May iron ore contract on the Dalian Commodity Exchange clawing back earlier losses to close 0.3% higher at 1,033.50 yuan a tonne.

The panamax index gained 41 points, or about 2.9%, to 1,463, a three-week high.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, added $365 to $13,166.

The supramax index was unchanged at 1,022 points.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru)

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