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Baltic index snaps 5-day losing streak on higher vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, snapped its five-session losing streak on Wednesday, helped by higher rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 45 points, or 2.4%, to 1,939.

The capesize index rose 96 points, or 3.1%, to 3,215.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $797 at $26,666.

Steel prices in China fell to a more than three-month low on Wednesday, hurt by poor demand due to a weak construction sector in the world’s biggest consumer of the metal alloy.

The panamax index rose 43 points, or about 2.8%, to 1,579.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, increased $389 to $14,209.

Among smaller vessels, the supramax index edged up 6 points, or 0.5% to 1,353.

Yemen’s Houthis said on Tuesday they targeted the Maersk Sentosa ship in the Arabian Sea with several ballistic and wing missiles.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Vijay Kishore)

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