Baltic index slips to two-week low on weaker demand for large ships

The Baltic Exchange's dry bulk sea freight index fell to a near two-week low on Wednesday, pressured by lower rates for Capesize and Panamax vessels.

The main index fell by 46 points to 1,940 points, hitting its lowest level since August 21.

The Capesize index shed 101 points to 2,773 points. Average daily earnings for Capesize vessels decreased by $842 to $22,994.

Prices of iron ore futures climbed for a second straight session, as Goldman Sachs raised its average price forecast for the fourth quarter of this year to $95 a tonne from $90 a tonne previously.

The Panamax index shed 45 points, or 2.6 per cent to 1,719 points. Average daily earnings for Panamax vessels fell by $405 to $15,471.

Among smaller vessels, the supramax index was up one point to 1,467 points.

(Reporting by Noel John in Bengaluru; Editing by Shreya Biswas)