Baltic index rally ends as larger vessel rates retreat

The Baltic Exchange's main sea freight index, fell on Monday to snap a seven-session winning streak, weighed down by lower rates for Capesize and Panamax vessels.

The main index lost 36 points, or 1.8 per cent, to 2,016 points.

The Capesize index fell 103 points, or 3.3 per cent, to 2,981. Average daily earnings for Capesize vessels decreased $855 to $24,720.

Iron ore futures surged to their highest levels in nearly five months on Monday, buoyed by the announcement of construction on the world's largest hydropower dam and firm steel mill margins.

The Panamax index fell four points, or 0.2 per cent, to 1,915. Average daily earnings for Panamax vessels lost $40 to $17,232.

Among smaller vessels, the supramax index was unchanged at 1,346.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Maju Samuel)