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The Baltic Exchange’s main ocean freight index, which records prices for ships carrying bulk cargo, fell on Monday under pressure from falling prices for Capesize and Panamax ships.
The overall index, which takes into account the rates for Capesize, Panamax and Supramax ships, fell by 61 points or 1.9% to 3,224.
The Capesize Index fell 161 points, or about 4.6%, to a more than 3-week low of 3,349.
Average daily earnings for Capesizes, which typically haul 150,000-tonne loads of coal and steel ingredients iron ore, fell by $ 1,333 to $ 27,773.
According to Mysteel Consulting, some manufacturers’ steel production in China has stopped due to the 100 earlier.
The Panamax index fell 28 points, or 0.7%, to 4,241.
Average daily earnings for Panamax, which typically haul coal or grain loads of around 60,000 to 70,000 tons, fell by $ 252 to $ 38,170.
The Supramax index remained at 2,935 points.
Source: Reuters (reporting by Eileen Soreng in Bengaluru; editing by Kirsten Donovan)
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