Dry-Bulk Shipping Rates Decline as Panamax Fleet Seen Swelling
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Rates to ship dry bulk commodities including coal and iron ore extended a decline to the lowest level in three months amid a surplus of ships.
The Baltic Dry Index slid 0.5 percent to 801 points, its 19th straight drop and the lowest since March 4, according to the Baltic Exchange, a London-based publisher of freight rates. The biggest change in rates was for Panamax ships, each able to haul about 75,000 metric tons of cargo, which dropped 1 percent to $6,113 a day, figures showed today.