Baltic index snaps three-day win streak on lower vessel rates

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The Baltic Exchange’s dry bulk sea freight index declined on Monday after three sessions of gains as rates slipped across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, lost 12 points at 1,548.

The capesize index shed 22 points, or about 1%, at 2,186.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $186 to $18,126.

Steel futures and prices of steelmaking ingredients in China tumbled on Monday as surging local COVID-19 cases prompted traders to book some profit from a recent rally spurred by the easing of coronavirus restrictions.

The panamax index fell 7 points, or about 0.4%, to 1,645.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $61 to $14,808.

The supramax index shed 11 points at 1,146.

Source: Reuters

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