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Baltic index ticks up as capesizes snap 4-day losing streak

The Baltic Exchange’s main sea freight index rose on Wednesday as capesize vessel rates snapped a four-session long losing streak.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points, or 0.5%, at 1,394 points.

* The capesize index gained 24 points, or 2.3%, at 1,083 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $195 at $8,978.

* Stocks of imported iron ore at Chinese ports have steadily risen over the past seven weeks, hitting 138.6 million tonnes as of Aug. 12, the highest since mid-May, according to data from Mysteel consultancy.

* The panamax index shed 45 points, or 2.4%, at 1,805 points, extending its losing streak to a 17th session.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $411 to $16,242.

* India, the world’s second biggest grain producer, raised its wheat production estimate even as other forecasters and traders were scaling down output numbers because of a heatwave.

* The supramax index rose 33 points to 1,659 points, extending gains for the fourth consecutive session.
Source: Reuters (Reporting by Harshit Verma in Bengaluru; Editing by Krishna Chandra Eluri)

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