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Baltic index falls on easing capesize rates

Baltic Exchange’s main sea freight index , which tracks rates for ships carrying dry bulk commodities, was dragged lower by a drop in earnings of the larger capsize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 45 points, or 1.3%, to 3,338.

The capesize index slid 241 points, or 6.1%, to 3,690.

“Even though a correction of some degree now looks likely, we remain optimistic on market prospects for the coming months,” ship broker Fearnleys said in a weekly note.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were down $2,004 to $30,600.

The panamax index gained 118 points, or 2.9%, to 4,237.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, increased $1,061 to $38,135.

With congestion in European ports and a scarse tonnage list, charterers had to pay up in order to cover their requirements, Fearnleys added.

The supramax index up 9 points at 2,939.
Source: Reuters (Reporting by Swati Verma in Bengaluru; Editing by Rashmi Aich)

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