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Capesize, panamax drag Baltic dry bulk index lower

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday pressured by declines in capesize and panamax rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 26 points, or about 1.5%, at 1,720.

The capesize index snapped its two-day gaining streak, losing 92 points, or about 4.6%, to 1,929.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $760 at $16,000.

Meanwhile, iron ore futures rebounded from two-week lows, bolstered by rising steel output in top producer China and expectations of higher demand for the steel making ingredient ahead of the country’s Golden Week holiday.

The panamax index was down for the second consecutive session by 23 points, or about 1%, at 1,998.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $206 to $17,983.

The supramax index rose for a seventh consecutive session, adding 32 points, to 1,637, marking its highest single day gain in over three weeks.

Source: Reuters

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