The Baltic Exchange’s main sea freight index, which monitors rates for ships carrying dry bulk commodities, fell on Monday as demand for capesize vessels weakened.

* The main index BBDI, which tracks rates for capesize, panamax and supramax shipping vessels, dropped 22 points, or 1.1%, to 2,022 points, reaching its lowest point since August 12.
* The capesize index (.BACI) fell 83 points, or 2.5%, to 3,212 points, its lowest level since August 7.
* Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $685 to $26,638.
* Iron ore futures erased earlier gains to trade lower, weighed by rising inventory and looming demand concerns sparked by talks of production control in top consumer China.
* Steelmakers in key Chinese steel production hub Tangshan were rumoured to have received oral instructions to cut output from August 31 to September 3 to improve air quality in Beijing. However, Reuters could not verify the authenticity of the production restriction.
* The panamax index (.BPNI) added 8 points, or 0.5%, to 1,630.
* Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, was up $72 to $14,673.
* Among smaller vessels, the supramax index (.BSIS) gained 8 points, or 0.6%, to 1,361.
Source: Reuters