Baltic index extends declines on lower capesize, panamax rates

May 14 (Reuters) - The Baltic Exchange's dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, fell for a second straight session on lower capesize and panamax vessel rates.

The main index .BADI, which monitors rates for capesize, panamax and supramax shipping vessels, lost 13 points, or 1.02%, to 1,267, its lowest since April 22.

The capesize index .BACI was down 23 points, or 1.38%, at 1,648.

Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $189 to $13,670.

"Rates have weakened considerably in the Atlantic, where cargo loadings appear to have slowed, compared to the start of May, while the number of ships in ballast remained more constant," said Filipe Gouveia, shipping analysis manager at BIMCO.

Iron ore futures climbed to their highest in more than five weeks, driven by moves from the United States and China to cut tariffs following a trade agreement, bolstering hopes for a lasting resolution to the trade dispute. IRONORE/

Beijing and Washington on Monday announced an unwinding of most duties imposed on each other's goods since early April, after weekend talks in Geneva.

The panamax index .BPNI shed 21 points, or 1.6%, to 1,295, its lowest since April 22.

Average daily earnings for panamax vessels .BPWT, which usually carry 60,000-70,000 tons of coal or grain, lost $190 to $11,654.

Among smaller vessels, the supramax index .BSIS was steady at 977 points.