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Capesize Rates Weigh down as Baltic Index Snaps 4-Week Winning Streak
Team Sea and Coast | 09/07/2020

On Tuesday the Baltic Exchange’s main sea freight index went down after a 27-session winning streak and capesize vessel rates fell for the second straight session and offset gains in panamax and supramax segments.

The Baltic dry index went down by 7 points to 1,949. Baltic dry index tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels.

The Baltic capesize index saw its lowest points since June 22nd. It lost 103 points, going down by 2.5% to a new total of 3,968.

Average daily earnings of Capesizes which generally transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal dropped $849 to $32,911.

Average daily earnings of panamaxes which typically carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes went up by $726 to $13,113.

Nevertheless, there’s been an increase in demand for iron ore from China which has helped the capesize index gain 109% so far this year, after the economy opened up from months of pandemic-led lockdown

The panamax index went up by 5.9%, or 81 points, to 1,457.

The supramax index went up by 17 points to 725.