Baltic index extends losses on weaker capesize rates

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- The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, declined for a second consecutive session on Wednesday, weighed down by weaker rates for the capesize vessel segment.

* The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, was down 115 points or about 5% to 2,176 points.

* The capesize index .BACI, dropped by 379 points, or 9.1%, to 3,769.

* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $3,142 to $31,260.

* Dalian iron ore futures prices slid, weighed down by a persistently weak steel market and lack of big-ticket stimulus in top consumer China. IRONORE/

* The panamax index .BPNI added 18 points, or 1%, to 1,823 points. It rose for a seventh straight session.

* "The Atlantic saw a subdued demand, facing pressure from an increasing number of ballasters, while the Pacific enjoyed sustained inquiries, particularly from Indonesia and Australia, contributing to a positive regional outlook," wrote xxx in a note.

* Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $165 at $16,407.

* Among smaller vessels, the supramax index .BSIS, was up 15 points, or 1.2%, to 1,312 points, its highest level since Dec. 22.


(Reporting by Daksh Grover in Bengaluru; Editing by Tasim Zahid)

((Daksh.Grover@thomsonreuters.com;))

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