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July 21 (Reuters) – The Baltic Exchange’s most important ocean freight index, which records prices for ships carrying bulk cargo, recorded gains in the Capesize segment on Wednesday.
* The index, which takes into account prices for Capesize, Panamax and Supramax ships, added 3,058 points, or 0.2%.
* The Capesize Index rose 8 points, or 0.2%, to 3,513.
* Average daily earnings for capesizes, which typically haul 150,000 tons of iron ore, increased by $ 64 to $ 29,135.
* The gains even came as benchmark iron ore futures in China fell nearly 4% on Wednesday on falling demand as mills controlled their crude steel production while steel ingredient arrivals rose.
* Some steel producers in China’s Jiangsu, Fujian and Yunnan provinces have been urged by the government to cut production as the country seeks to keep its annual production no higher than 2020.
* The Panamax index fell 23 points, or 0.6%, to 3,577, its lowest level in almost a month.
* Average daily profit for Panamax, which typically haul coal or grain loads of approximately 60,000 to 70,000 tons, decreased by $ 205 to $ 32,195.
* The Argentine government has urged citizens to limit water use to relieve pressure on the Parana River, a major grain thoroughfare that is at a 77-year low, a situation affecting the shipment of grain including soy and Wheat hinders.
* The Supramax index gained 24 points to 2,807 points. (Reporting by Seher Dareen in Bengaluru; editing by Aditya Soni)
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