Larger vessel rates drop, pushing Baltic index to three-week low

The Baltic Exchange's main sea freight index extended losses to a near three-week low on Tuesday, pressured by lower rates for Capesize and Panamax vessels.

The main index fell 49 points, or 2.49 per cent, to 1,921 points, its lowest since July 16. The contract was down for a second straight session.

The Capesize index was down 152 points, or 4.8 per cent, at 3,006, a two-week low. Average daily earnings for Capesize vessels slid $1,258 to $24,929.

Iron ore futures climbed to a near one-week high, aided by resilient near-term demand in top consumer China.

The Panamax index lost eight points, or 0.5 per cent, to 1,625, a near four-week low. Average daily earnings for Panamax vessels were down $71 at $14,625.

Among smaller vessels, the supramax index added nine points, or 0.7 per cent, at 1,279, its highest level since July 29.

(Reporting by Ishaan Arora in Bengaluru; Editing by Janane Venkatraman)