Baltic Dry Index extends losses to ninth session, sliding by most since May 27
Baltic Dry Index extends losses to ninth session, sliding by most since May 27

Baltic Dry Index extends losses to ninth session, sliding by most since May 27

 

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The Baltic Exchange’s main sea freight index posted a loss on Thursday for the ninth straight session, its longest losing streak in about four months, pressured by lower rates across vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 7.4% to 1,603 points, the biggest one-day loss since May 27.

The capesize index tumbled 17.3%, to 1,480 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $2,571 to $12,271.

The panamax index was down 1.1% to 1,983 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $198 to $17,849.