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Baltic index slips, but posts best week in nearly 2 months

The Baltic Exchange’s dry bulk sea freight index marked its biggest weekly percentage gain in almost two months, although declining on Friday on a fall in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, shed 14 points, or about 1%, to 1,324.

The main index gained 11.4% for the week, its biggest rise since Oct. 7.

The capesize index was down 51 points, or about 3.3%, at 1,519. It posted a weekly loss of 5.8%.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $422 to $12,598.

Meanwhile, iron ore futures rose on Friday to post weekly gains, buoyed by expectations that top steelmaker China would relax its strict COVID-19 restrictions, lifting demand sentiment.

The panamax index rose 16 points, or about 1%, to 1,618. It rose 9.4% this week, its highest since Sept. 9.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $142 to $14,564.

The supramax index lost 3 points to 1,162, extending its decline for a fifth straight session.
Source: Reuters

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