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Baltic index hits over two-month low on tepid demand for larger vessels

The Baltic Exchange’s main sea freight index fell on Monday to its lowest level since early-March due to weaker demand for the capesize and panamax segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell for an eighth straight session, declining 19 points, or 1.4%, to 1,365 points – its lowest since March 8.

The capesize index touched a near one-month low, dipping 40 points, or 1.9%, to 2,065 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $333 to $17,126.

Benchmark futures prices of steel and steelmaking ingredients including iron ore fell surrendering some of their last week’s gains on persistent worries about China’s sluggish property sector.

The panamax index shed 2 points, or 0.2%, to 1,220 points, falling to its lowest since Feb. 23.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $19 to $10,982.

Among smaller vessels, the supramax index dropped 14 points or about 1.3% to 1,063 points.
Source: Reuters

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