Baltic index declines as rates of larger vessels dip

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, was down on Thursday as the rates for capesize and panamax vessels fell.

* The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, fell 36 points, or 2.1%, to 1,692.

* The capesize index .BACI lost 108 points, or about 4.1%, to 2,542.

* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes, such as iron ore and coal, decreased $892 to $21,084.

* Iron ore futures prices extended their declines to a fourth straight session, hitting their lowest level in more than 14 months, as persistently weak property data in top consumer China exacerbated pessimism over the demand outlook.

* The panamax index .BPNI lost 6 points, or 0.4%, to 1,554, down for 13 straight sessions.

* Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $48 to $13,989.

* Among smaller vessels, the supramax index .BSIS was up 3 points, or 0.2%, at 1,300.
Source: Reuters (Reporting by Sherin Elizabeth Varghese in Bengaluru; editing by Alan Barona)