Baltic dry bulk index extends losing streak as Capesize rates decline

The Baltic Exchange's main sea freight index fell for the seventh straight session on Thursday, weighed down by lower demand for cCapesize vessels.

The main index dropped to its lowest point since June 3, shedding nine points, or 0.6 per cent, to 1,434 points.

The Capesize index slipped 64 points, or 3.3 per cent, to 1,894 points, reaching its lowest point since May 28. Average daily earnings for Capesize vessels dropped by $537 to $15,705.

Iron ore futures rose to a more than one-month high, driven by China's renewed push to curb low-price competition and cut excess industrial capacity.

On Tuesday, China's top leaders pledged to step up regulation of aggressive price-cutting by Chinese companies, state news agency Xinhua reported, as the world's second-largest economy struggles to shake off persistent deflationary pressures.

Meanwhile, the Panamax index was up 15 points, or one per cent, to 1,507 points.

Average daily earnings for Panamax vessels gained $141 to $13,565.

Among smaller vessels, the supramax index climbed to an over-seven month peak, rising 21 points to 1,052 points.

(Reporting by Sarah Qureshi in Bengaluru; Editing by Tasim Zahid)