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Baltic index falls for eleventh day on capesize weakness

The Baltic Exchange’s dry bulk sea freight index fell for the eleventh session on Thursday, as weaker capesize rates overshadowed gains in the panamax vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 10 points, or 0.5%, to 2,219, its lowest level since April 14.

The main index lost 6.7% this week.

The capesize index dropped 104 points, or 4.2%, to its lowest since end-March at 2,351. It posted a 13.8% weekly decline.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $869 to $19,494.

Chinese stainless steel futures extended gains to a third straight session, rising as much as 3% on expectations of lower output even as demand was dented by lower seasonal consumption.

The panamax index added 131 points, or 5.5%, to its highest in a week at 2,515. It fell 2.9% this week.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $1,178 to $22,638.

The supramax index fell 34 points to its lowest level in a month at 2,303.

Source: Reuters

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