July 8, 2019 / 2:15 PM / 3 months ago

Baltic index breaks 16-session winning streak as capesize rates dip

July 8 (Reuters) - The Baltic Exchange’s main sea freight index took a breather on Monday after rising for 16 straight sessions, as rates for capesize vessels fell after a strong run over the past couple of weeks.

* 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. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Maju Samuel)

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