Baltic index edges lower as capesize hits near 1-month low
July 13 (Reuters) - The Baltic Exchange's main sea freight index eased on Monday as falling rates for capesize vessels offset gains in other segments.
* The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 18 points, or about 1%, to 1,792.
* The Baltic capesize index lost 82 points, or 2.5%, to 3,251, its lowest since June 17.
* Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, was down by $680 at $26,964.
* However, rising iron ore demand from China, following an easing of months-long coronavirus-led lockdowns, has helped the capesize index gain 67% so far this year.
* "Sentiment remains positive... Brazil and Australia are both trying to capitalise on China's strong demand for the raw steelmaking ingredient, both pushing their production and exports into China to larger volumes," Athens-based EastGate Shipbrokers said in a note.
* The panamax index rose 0.6%, or 10 points, to 1,597, highest since late October 2019.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $90 to $14,376.
* The supramax index rose 21 points, or 2.5%, to 856. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Krishna Chandra Eluri)
