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Baltic index extends fall to 23-month low

ReutersJan 23, 2025 1:34 PM

- The Baltic Exchange's dry bulk sea freight index .BADI, which tracks rates for ships carrying dry bulk commodities, extended losses to a 23-month low on Thursday, dragged by weaker rates across all vessel segments.

* The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 69 points to 824 points, hitting its lowest since February 2023.

* The capesize index .BACI slipped 155 points to 1,081 points, dropping to over five-week low.

* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, lost $1,285 to $8,967.

* Iron ore futures edged higher as fresh initiatives by top consumer China to support its equity markets outweighed concerns of higher U.S. tariffs on Chinese imports.IRONORE/

* The panamax index .BPNI fell 39 points to 804 points, hitting its lowest since June 2020.

* Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain, decreased by $346 to $7,239.

* Among smaller vessels, the supramax index .BSIS was down 20 points at 654 points, lowest since February 2023.

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