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Baltic index logs second monthly loss as bigger vessel segments weigh

By Reuters News

Oct 30 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, was poised for a second monthly loss on Friday, dragged lower by continued weakness in capesize and panamax vessel rates.

  • The main Baltic index .BADI, which tracks rates for capesize, panamax and supramax vessels, ticked up by 2 points, or 0.07%, to 2,714 points, its highest since October 13

  • However, the index is on track for a second straight monthly decline, down more than 12% in October

  • The capesize index .BACI rose by 36 points, or 0.88%, to 4,126 points, the index's highest since October 12. However, it is down 16%, its second monthly decline

  • Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes, including iron ore and coal, increased by $325 to $33,917

  • Iron ore futures fell on Friday, paring some of the previous day's gains, as port inventories rebounded and steel mill profitability stayed low IRONORE/

  • The panamax index .BPNI fell 32 points, or 1.67%, to 1,889 points — its lowest level since April 13. The index is headed for a monthly decline of about 20.76%

  • Average daily earnings for panamax vessels .BPWT, which usually carry 60,000 to 70,000 tons of coal or grain, fell by $290 to $16,999

  • Among smaller vessels, the supramax index .BSIS inched down 5 points, or 0.27%, to 1,865 points, hitting its lowest since October 15, but on track for a third consecutive monthly gain, up 3.8%

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