Baltic index slips on lower rates for large vessels

The Baltic Exchange's main sea freight index edged lower on Tuesday, as rates declined across Capesize and Panamax vessel segments.

The main index fell 21 points, or one per cent, to 2,017 points.

The Capesize index was down 56 points, or 1.7 per cent, at 3,261. Average daily earnings for Capesize vessels fell $458 to $27,048.

Iron ore futures rose after steel mills in Chinese production hub Tangshan were ordered to halt operations to improve air quality ahead of a major military parade, while lower shipments also lent support to prices.

Among smaller vessels, the supramax index added four points, or 0.3 per cent, to 1,329. The index registered its eighth straight session of gains.

The Panamax index extended losses for the third straight session and was down 19 points, or 1.2 per cent, at 1,595. The index was at its lowest level since July 8. Average daily earnings for Panamax vessels fell $170 to $14,359.

Elsewhere, a Liberian-flagged oil tanker that had been detained by Iraq's navy has been released and is en route to the United Arab Emirates, two sources familiar with the matter told Reuters.

(Reporting by Noel John in Bengaluru; Editing by Vijay Kishore)