Larger Vessels Drag Baltic Dry Bulk Index Down

The Baltic Exchange's dry bulk freight index fell on Thursday, hurt by weaker rates across larger segments.

The main Baltic index fell 99 points, or 2.7 per cent, to 3,521.

The Capesize index was down 278 points, or 4.3 per cent, at 6,122.

Average daily earnings for Capesize vessels decreased by $2,522 to $52,016.

Iron ore prices slid for a second straight session to hit their lowest level in nearly a week, dragged down by concerns over falling demand in top consumer China as steel margins shrink.

The Panamax index fell five points, or 0.2 per cent, at 2,409.

Average daily earnings for Panamax vessels fell $41 to $21,684.

The supramax index was up nine points, or 0.5 per cent, at 1,713.

(Reporting by Katha Kalia in Bengaluru; Editing by Vijay Kishore)