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BREAKING NEWS
Baltic index falls as capesize loses momentum
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, on Wednesday snapped a six-day winning streak as capesize vessel rates fell.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 53 points, or 2.5%, at 2,044 points. The index hit its highest in more than a year, at 2,097 points, on Tuesday.
The capesize index lost 173 points, or 4.1%, at 4,035 points, its first decline in seven sessions.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, was down $1,431 to $33,465.
The panamax index was up 16 points, or 1.1%, at 1,410 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $145 to $12,694.
Among smaller vessels, the supramax index was unchanged at 985 points, while the handysize index fell one point to 593 points.
Source: Reuters
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