Baltic index slips to over two-week low

The Baltic Exchange's main sea freight index fell to a more than two-week low on Monday, weighed down by lower rates across the large vessel segments.

The main index fell 48 points, or 2.38 per cent, to 1,970 points, its lowest since July 16.

The Capesize index slipped 138 points, or 4.2 per cent, to 3,158. Average daily earnings for Capesize vessels, shed $1,144 to $26,187.

Iron ore futures prices climbed, helped by firm near-term demand, falling portside stocks and healthy steel margins in top consumer China, although expectations of rising supply capped further gains.

The Panamax index lost 11 points, or 0.7 per cent, to 1,633, a near four-week low. Average daily earnings for Panamax vessels were down by $102 to $14,696.

Among smaller vessels, the supramax index was up one point, or 0.08 per cent, at 1,270.

(Reporting by Ishaan Arora in Bengaluru; Editing by Vijay Kishore)