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Baltic index dips to two-week low as rates retreat for all vessels

The Baltic Exchange’s main dry bulk sea freight index on Monday fell to a two-week low on declining rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 122 points, or 3.1%, to 3,822. That was its lowest since Aug. 17.

The capesize index declined 263 points, or 4.7%, to its lowest in two weeks at 5,362.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $2,182 to $44,465.

The panamax index shed 61 points, or 1.7%, to a three-week low of 3,544.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $550 to $31,895.

Among smaller vessels, the supramax index extended its fall to 55 points at 3,293, its lowest since Aug. 20.

Iron ore prices tumbled more than 6% on Monday on rising portside stocks of the steelmaking ingredient in China owing to increased shipments and weak domestic demand.

Source: Reuters

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