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Freight

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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