Baltic index falls to one-week low on weaker capesize, panamax rates

The Baltic Exchange's dry bulk sea freight index, which tracks rates for vessels transporting dry commodities, fell to a one-week low on Wednesday due to weaker rates for capesize and panamax vessel segments.

* The main index BBDI, which monitors rates for capesize, panamax and supramax shipping vessels, was down 78 points, or 4%, at 1,874, lowest level since June 11.

* The capesize index (.BACI) lost 218 points, or about 6%, to 3,442, its lowest level in a week

* Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,811 to $28,546.

* Iron ore futures fell on Wednesday and were on track for a fifth session of declines, pressured by slowing demand for the steelmaking material in top consumer China.

* The panamax index (.BPNI) fell 28 points, or about 2%, to 1,378, snapping a 10-session winning streak.

* Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, lost $247 to $12,405.

* Among smaller vessels, the supramax index (.BSIS) gained 4 points to 949, an over two-week high.

* Elsewhere, marine war risk rates for ships transiting Israeli waters have spiked to around 0.7% following the escalation of tensions with Iran on Friday, three senior marine market sources told The Insurer.