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Baltic Extends Losing Streak To Sixth Session On Capesize Retreat

The Baltic Exchange’s dry bulk sea freight index extended its losing streak to a sixth consecutive session on Thursday, pressured by lower rates across vessels led by a slide in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 60 points, or 4.7%, to its lowest since Sept. 9 at 1,228.

The capesize index (.BACI) lost 145 points, or about 10.9%, to 1,188, the lowest since Sept. 13.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $1,199 to $9,855.

Dalian iron ore ended a volatile daytime session higher as traders clung to bets that top steel producer China will roll out more measures to support its economy.

The panamax index (.BPNI) snapped a four-session winning streak and lost 38 points, or 2.3%, to 1,650.

Average daily earnings for panamax vessels (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $346 to $14,850.

The supramax index (.BSIS) extended its decline for a 19th straight session, losing 5 points to 1,175.
Source: Reuters

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