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Baltic index falls for fourth day on weak capesize, supramax demand

The Baltic index (.BADI) on Tuesday fell for a fourth straight session to its lowest in more than a week, weighed down by weakness in the capesize and supramax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, lost 25 points, or about 1.9%, to 1,300, its lowest since Nov. 3.

The capesize index (.BACI) fell 75 points, or about 5.2%, to 1,371, its lowest in more than a week.

Average daily earnings for capesize (.BATCA), which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $624 to $11,371.

Meanwhile, iron ore futures edged higher as China’s moves to ease some COVID-19 curbs and support the struggling property sector sparked hopes of a demand recovery.

The supramax index (.BSIS) extended its decline for a 17th straight session, falling 11 points to 1,186.

The panamax index (.BPNI) gained 14 points, or 0.8%, to 1,681, highest since Nov. 7.

Average daily earnings for panamax (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $128 to $15,131.
Source: Reuters

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