Baltic index slides for seventh session on weaker capesize rates

Oct 13 (Reuters) — The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, extended losses for a seventh straight session on Tuesday, weighed down by a drop in capesize rates. The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell 51 points, or 1.79%, to 2,801 points, its lowest level since August 20 and its seventh consecutive session of losses. The capesize index fell 154 points, or 3.71%, to 3,994 points, its lowest level since late July. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, fell $1,396 to $32,719. Iron ore futures fell on Tuesday as ample global supply, elevated Chinese port inventories and declining shipping costs weighed on prices. IRONORE/ The panamax index was unchanged at 2,432 points. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, were steady at $21,886. Among smaller vessels, the supramax index edged up 12 points, or 0.66%, to 1,833 points. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Jochelle Mendonca) ((anushree.ashishMukherjee@thomso