Baltic dry index dips on softer Capesize segment

The Baltic Exchange's main sea freight index slipped on Wednesday, pressured by lower rates for Capesize vessels.

The main index dropped eight points, or 0.6 per cent, to 1,423 points. The contract hit its lowest level since June 2.

The Capesize index fell 97 points, or about 5.5 per cent, to 1,654. The contract was down for a seventeenth straight session. Average daily earnings for Capesize vessels decreased $806 to $13,715.

Iron ore futures prices rose for a second straight session on Wednesday, aided by falling shipments and resilient demand, although mixed factory data in top consumer China curbed the gains.

The Panamax index rose 52 points, or 3.3 per cent, to 1,621, marking its highest level since August 7 last year. Average daily earnings for Panamax vessels gained $469 to $14,590.

Among smaller vessels, the supramax index added 26 points, or 2.3 per cent, to 1,151.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Sahal Muhammed)