The Baltic Exchange’s dry bulk sea freight index plummeted on Friday with the fall in capesize rates overshadowing gains in the panamax and supramax segments.
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The overall index, which factors in rates for capesize, panamax and supramax vessels, dropped 2 points, landing at 1,423.
The capesize index plunged 49 points, or 3.8%, resulting in 1,242.
Ferrying 150,000-tonne cargoes such as iron ore and coal, the average earnings for capesizes went down by $408 to $10,302.
The panamax index witnessed a rise of 25 points to 1,796.
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Average daily earnings for panamaxes, which transport 60,000-70,000 tonne coal or grain cargoes, surged by $226 to $16,165.
The supramax index progressed by 23 points, landing at 1,594.