The Baltic Exchange’s main sea freight index slipped to an almost three-week low on Monday, pressured by softer capesize rates, though it still posted a gain for the month.

The main index dropped 32 points, or 2.1%, to 1,489 points, its lowest level since June 4.

The index was up over 7% so far this month, meanwhile it logged in nearly 8% loss for the quarter.

The capesize index fell for a tenth-straight session, hitting its lowest since May 29, shedding 109 points, or 4.9%, to 2,111 points. The index was down 2.5% during the month.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $898 to $17,510.

Dalian iron ore futures edged higher, logging their first monthly rise in four months amid firm near-term demand in top consumer China, although a protracted property crisis kept gains in check.

The panamax index was up 10 points, or 0.7%, to 1,500, climbing to its highest since March 31. The index posted a monthly gain after two straight months of losses, rising over 33% so far this month.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $92 to $13,502.

Among smaller vessels, the supramax index added 3 points, or 0.3%, to 1,012, its highest since March 26. The index was up 6.1% during the month.
Source: Reuters