November 6, 2019 / 1:48 PM / 7 days ago

Weaker capesize rates drag Baltic index to over 4-month low

Nov 6 (Reuters) - The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for a seventh straight session on Wednesday to its lowest in over four months, on weaker capesize rates.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 123 points, or 7.4%, to 1,533, its lowest since July 2.

* The capesize index slumped 249 points, or 8.4%, to 2,726, its lowest in more than four months.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $2,395 to $22,217.

* The panamax index dropped 51 points, or 3.6%, to 1,385, extending its losing streak to a 17th consecutive session.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $404 to $11,125.

* The supramax index shed 48 points to 926 points. (Reporting by Shreyansi Singh in Bengaluru)

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