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Baltic index set for first weekly fall in six

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, was on way to its worst week in six on Friday as demand across all vessels declined.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 55 points, or 2.7%, to 1,966.

The capesize index dropped 147 points, or 4.2%, to 3,339.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $1,219 at $27,692.

Iron ore futures retreated as falling hot metal output weighed on sentiment, but prices were still headed for a second consecutive weekly gain on lingering hopes for more stimulus from top consumer China.

The panamax index shed 22 points, or about 1.4%, to 1,546. The index was headed for its third straight weekly fall.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, declined $196 to $13,914.

Among smaller vessels, the supramax index fell 2 points to 1,335.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Shreya Biswas)

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