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Baltic index slips as capesizes dip for seventh straight session

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday as the capesize segment extended its losing streak to a seventh straight session.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 76 points, or 4.6%, at 1,561 points, following the biggest percentage drop in over two months in the previous session.

The capesize index lost 189 points, or 6.7%, at 2,621 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,568 at $21,737.

Iron ore futures extended losses as China’s rising port inventories and softening physical demand for steel products weighed on sentiment.

The panamax index was down 48 points, or 3.4%, at 1,365 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $427 to $12,286.

Among smaller vessels, the supramax index fell three points to 977 points, while the handysize index was flat at 599 points.
Source: Reuters (Reporting by Diptendu Lahiri in Bengaluru; Editing by Vinay Dwivedi)

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