Baltic index falls to over two — month low as larger vessel rates weaken

Oct 14 (Reuters) — The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to a more than two-month low on Wednesday, extending its losing streak to eight consecutive sessions weighed down by a decline in capesize rates, while panamax rates also weakened.. The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell 134 points, or 4.78%, to 2,667 points, its lowest level since July 29 and its eighth consecutive session of losses. The capesize index fell 364 points, or 9.11%, to 3,630 points, its lowest level since late June. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, fell $3,302 to $29,417. Dalian iron ore futures fell on Wednesday as rising blast furnace maintenance in China dampened demand, while higher port inventories in Australia and Brazil pointed to ample supply. IRONORE/ The panamax index lost 23 points, or 0.95%, to reach 2,409 points. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell $206 to $21,680. Among smaller vessels, the supramax index edged up 12 p