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Baltic index slips as capesize dip overshadows gains in smaller vessels

The Baltic Exchange’s dry bulk sea freight index fell on Tuesday as a dip in capesize rates offset gains in the panamax and supramax segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, slipped 43 points, or 1.7%, to 2,546 points.

The capesize index dipped 295 points, or 12%, to 2,175.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $2,440 at $18,041.

Prices for steelmaking ingredients on China’s Dalian Commodity Exchange dropped as the latest measures to control the recent surge in COVID-19 cases hurt transportation and production levels at mills and dampened demand.

The panamax index gained 160 points, or 5.4%, to 3,111 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $1,438 to $27,999.

Meanwhile, concerns persisted over global grain supplies due to expectations of a protracted conflict between key grain exporters Russia and Ukraine. All Ukrainian ports on the Black Sea and Azov Sea remain temporarily closed to vessel traffic.

The supramax index rose 34 points to 2,983 points.

Source: Reuters

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