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Baltic index logs weekly dip as capesize rates decline this week

The Baltic Exchange’s main sea freight index, tracking rates for ships ferrying dry bulk commodities, posted a weekly decline on Friday, as rates for the larger capesize segment also fell for the week.

* The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, edged upby 1 point, or 0.06%, to 1,797 points.

* The index fell for the second consecutive week, dropping by 2.55%.

* The capesize index .BACI inched up 29 points, or 1.12%, to 2,613. The index registered a weekly decline of over 2.31%.

* Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $242 to $21,674.

* Iron ore futures traded within a limited range but were on course for a second consecutive weekly gain, buoyed by sustained hopes of increased demand from China following a wave of property stimulus.

* The panamax index .BPNI was down by 8 points or about 0.44% to 1,824 points. The contract was slightly up by 0.05% this week.

* Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, lost $76 to $16,416.

* Among smaller vessels, the supramax index .BSIS was down by 19 points, to 1,326 points and recorded a weekly decline of 5.62%.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Tasim Zahid)

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