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Baltic index down for 6th day as rates drop across vessels

·1-min read

Oct 28 (Reuters) - The Baltic Exchange's dry bulk sea freight index dropped for a sixth straight session to its lowest in seven weeks on Thursday, pressured by weaker demand across all vessel segments.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell by 178 points, or 4.7%, to 3,630, its lowest since Sept. 8.

* The capesize index fell 286 points, or 5.9%, to 4,542, its lowest in over two-and-a-half months.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $2,371 to $37,669.

* Chinese coking coal futures hit their trading limit down at open on Thursday for a second straight session and plumbed a near two-month low, as Beijing beefed up measures to cool surging coal prices.

* There has been a lot of panic in the capesize segment and despite some signs of support it still remains "very nervous", ship broker Fearnleys said in a weekly note on Wednesday.

* Meanwhile, "this week the Panamax market has not shown any clear direction, but the underlying sentiment is negative," the note added.

* The panamax index fell 118 points, or 2.9%, to 3,965, touching its lowest in over two weeks.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $1,064 to $35,682.

* The supramax index fell 154 points to 3,190, a one-and-a-half month low. (Reporting by Kavya Guduru in Bengaluru; Editing by Shailesh Kuber)

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