Two-week low for Baltic index as declines continue

The Baltic Exchange's main sea freight index fell for a fourth straight session to a two-week low on Wednesday as demand in all vessel segments weakened.

The main index fell 114 points, or 5.4 per cent, to 1,995 points, its lowest level since July 16.

The Capesize index lost 290 points, or 8.3 per cent, to 3,186, marking its lowest level in a week. The index is down for the third straight session. Average daily earnings for Capesize vessels decreased $2,408 to $26,422.

Prices of iron ore futures retreated on Wednesday as hopes of more stimulus from top consumer China faded, erasing earlier gains that were underpinned by prospects of a further extension of a tariff truce between the US and the Asian country.

The Panamax index slipped 52 points, or three per cent, to 1,689, its lowest level since July 9, marking its 11th consecutive session of decline. Average daily earnings for Panamax vessels decreased by $468 to $15,203.

Among smaller vessels, the supramax index shed 10 points, or 0.8 per cent, to 1,271, at more than a two-week low.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Vijay Kishore)