The Baltic Exchange’s main sea freight index took a break on Monday after rising for 16 straight sessions, as rates for capesize vessels fell after a strong run over the past couple of weeks, reports Reuters.
- The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 0.9%, or 15 points, to 1,725.
- The index rose 28 percent to post its best week in nearly five years last week, mainly driven by strong demand for vessels that ship iron ore from Brazil.
- The capesize index fell 86 points, or 2.6%, to 3,260 points after gaining for 16 straight sessions.
- Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $622 to $25,822.
- The panamax index rose 30 points, or 1.8%, to 1,695 points, its highest since late October.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $239 to $13,534.
- The supramax index edged 9 points higher to 829 points, its highest since late March.
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