(Corrects second bullet to say capesize index hit lowest since July 14, not July 11)
July 25 (Reuters) – The Baltic Exchange’s main sea freight index slipped on Monday over declining rates in the capesize vessel segment.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 32 points, or 1.5%, at 2,114 points.
* The capesize index lost 100 points, or 3.7%, to 2,596 points, its lowest since July 14.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $836 at $21,526.
* Meanwhile, iron ore futures soared, extending a rally spurred by hopes of an economic rebound for top steel producer and consumer China in the third quarter, and support for the country’s troubled property sector.
* The panamax index was up for the fifth straight session, gaining 7 points, or 0.33%, at a two-week high of 2,100 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $62 to $18,900.
* Top exporter Ukraine’s grain shipments in the first 24 days of July, the first month of the 2022/23 season, were down 39.5% year on year at 1.08 million tonnes, the agriculture ministry said.
* However, Ukraine said it hoped a U.N.-brokered deal aimed at easing global food shortages by resuming grain exports from the Black Sea region would start being implemented this week.
* The supramax index fell by 1 point to 2,079 points, snapping four sessions of gains. (Reporting by Deep Vakil in Bengaluru; Editing by Shailesh Kuber)
