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Baltic index snaps 5 sessions of gains as larger vessel rates dip

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, snapped a five-session winning streak on Wednesday, weighed down by lower capesize and panamax vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, edged lower 18 points, or 0.9%, to 1,943.

The capesize index lost 39 points, or 1.3%, to 2,927.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, was down $318 at $24,278.

Iron ore futures pared early gains and struggled for a clear direction, as market discussions over potential steel production cuts in top consumer China weighed on prices of the key steelmaking ingredient.

The panamax index fell 35 points, or about 1.8%, to 1,919.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, lost $314 to $17,271.

Among smaller vessels, the supramax index was up 12 points, or 0.9%, to 1,374, its highest level since May 21.

Meanwhile, Yemen’s Houthi militants are believed to have sunk a second ship, the Tutor, in the Red Sea, the United Kingdom Maritime Trade Operations (UKMTO) said on Tuesday.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Mrigank Dhaniwala)

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