Baltic Dry Index Slips on Weaker Vessel Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday, pressured by lower rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 17 points, or 1.6%, at 1,073 — its lowest since July 3.

The capesize index fell 41 points, or 2.5%, to a two-week low of 1,614.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, dropped $336 to $13,386.

Singapore and Dalian iron ore futures retreated from multi-month highs touched in the previous session, as traders weighed a mixed bag of economic data from China against hopes for more stimulus.

The panamax index was down 11 points, or 1%, at 1,084.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $97 to $9,756.

Russia refused on Monday to extend the agreement that has enabled Ukraine to export grain from its Black Sea ports for the past year.

Among smaller vessels, the supramax index remained unchanged at 743.

(Reuters - Reporting by Anushree Mukherjee)