Baltic index slips to near three-week low as Capesize rates weaken

The Baltic Exchange's main sea freight index slipped to an almost three-week low on Monday, pressured by softer capesize rates, though it still posted a gain for the month.

The main index dropped 32 points, or 2.1 per cent, to 1,489 points, its lowest level since June 4.

The index was up over seven per cent so far this month, meanwhile it logged in nearly eight per cent loss for the quarter.

The Capesize index fell for a tenth-straight session, hitting its lowest since May 29, shedding 109 points, or 4.9 per cent, to 2,111 points. The index was down 2.5 per cent during the month. Average daily earnings for Capesize vessels decreased by $898 to $17,510.

Dalian iron ore futures edged higher, logging their first monthly rise in four months amid firm near-term demand in top consumer China, although a protracted property crisis kept gains in check.

The Panamax index was up 10 points, or 0.7 per cent, to 1,500, climbing to its highest since March 31. The index posted a monthly gain after two straight months of losses, rising over 33 per cent so far this month. Average daily earnings for Panamax vessels increased by $92 to $13,502.

Among smaller vessels, the supramax index added three points, or 0.3 per cent, to 1,012, its highest since March 26. The index was up 6.1 per cent during the month.

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