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Baltic index down on dip in capesize rates

The Baltic Exchange’s dry bulk sea freight index edged lower on Monday, as a decline in capesize rates overshadowed gains in panamax and supramax segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 16 points, or 0.6%, at 2,589 points.

The capesize index dipped 135 points to 2,470.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,123 at $20,481.

Chinese ferrous futures drifted in a narrow range as the recent COVID-19 outbreak dented peak seasonal demand while disrupting production and transportation as well.

The panamax index gained 77 points, or 2.68%, at 2,951 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $693 to $26,561.

The supramax index rose 27 points to 2,949 points.

Source: Reuters

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