Baltic Index Falls on Subdued Demand for Larger Vessels

Baltic Exchange's main sea freight index, which tracks rates for ships shuttling dry bulk commodities, fell for a 10th consecutive session on Wednesday due to weaker demand for capesize and panamax vessels.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 36 points, or 2.4 percent, to 1,477 points.

* The capesize index dropped 125 points, or 4.9 percent, to 2,410 points, touching its lowest in nine weeks.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $851 to $18,493.

* "We expect a short-term rate pullback in the seasonally soft month of September followed by a sharp recovery starting in October as iron ore and coal fixture activity ramp up," Jefferies analysts wrote in a weekly client note.

* The panamax index lost 13 points, or about 0.9 percent, to 1,504 points, its lowest since July 17.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $99 to $12,049.

* The supramax index remained flat at 1,135 points.

Reporting by Arijit Bose in Bengaluru