July 4 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, dropped towards an 11-week low on Monday, on lower demand across all vessel types.
* The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 55 points, or nearly 2.5%, to 2,159 points, its lowest since April 20.
* The capesize index lost 153 points, or 6.4%, to 2,228 points.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $1,264 to $18,481.
* Meanwhile, Dalian and Singapore iron ore futures tumbled, weighed down by a gloomy demand outlook for the steelmaking ingredient in China, where many steel mills are making losses and cutting production.
* The panamax index was down eight points, or 0.32%, at a 19-week low of 2,469 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $78 to $22,219.
* The supramax index fell eight points to 2,282 points, its lowest since Feb. 15. (Reporting by Deep Vakil in Bengaluru. Editing by Jane Merriman)
