Baltic index slips to over 1-week low as larger vessel rates slide

Dec 13 (Reuters) – The Baltic Exchange’s dry bulk sea freight index fell to its lowest level in more than a week on Monday, pressured by easing rates in the larger capesize and panamax vessel segments.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, lost 56 points, or 1.7%, to 3,216, its lowest since Dec. 3.

* The capesize index (.BACI) dropped 109 points, or 2.3%, to its lowest in a week at 4,718.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $908 to $39,127.

* Chinese ferrous futures closed higher on Monday, with the benchmark iron ore contract rising nearly 6% at one point after two sessions of losses, as a pledge by the government to focus on economic stability next year bolstered demand outlook.

* The panamax index (.BPNI) fell 73 points, or 2.4%, to 2,995, its lowest level in nearly two weeks.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $658 to $26,952.

* The supramax index (.BSIS) rose 1 point to 2,552, a peak since Nov. 4.

Reporting by Kavya Guduru in Bengaluru; Editing by Amy Caren Daniel

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