Weaker Capesize rates drag Baltic index down

The Baltic Exchange's main sea freight index fell on Thursday due to weaker Capesize rates.

The main index slipped 29 points, or 1.4 per cent, to 2,017 points.

The Capesize index was down 105 points, or 3.5 per cent, at 2,884 points. Average daily earnings for Capesize vessels dropped by $868 to $23,918.

Prices of iron ore futures hit a two-week high on Thursday, bolstered by China's push to lower steel output as it tackles overcapacity.

The Panamax index was unchanged at 1,874 points. Average daily earnings for Panamax vessels also remained stagnant at $16,865.

Among smaller vessels, the supramax index added 14 points, or 0.97 per cent, to 1,461 points, its highest level since May 2024.

(Reporting by Pablo Sinha; Editing by Sahal Muhammed)