Baltic sea freight index slips as capesize rates lose steam

June 26 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for vessels transporting dry bulk commodities, fell on Thursday, as a decline in capesize rates weighed on overall market sentiment.

The main index .BADI, which monitors rates for capesize, panamax and supramax shipping vessels, was down 112 points, or 6.7%, at 1,553, hitting its lowest level since June 4.

The capesize index .BACI fell 379 points, or 13.9%, to 2,345, posting its biggest daily percentage loss since January 10, 2024. The contract was down for a eighth-straight session.

Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $3,145 to $19,447.

"On C5 ex (Western Australia to China) West Australia, we observe limited activity this week, no miners were in and very limited fixtures done for tender and operators alike," shipbroker Fearnleys wrote in a weekly note on Wednesday referring to the capesize vessel segment.

Iron ore rose on Thursday, reversing early losses, as a weaker U.S. dollar and promises from Chinese officials to boost domestic consumption lifted investor sentiment. IRONORE/

The panamax index .BPNI rose 43 points, or 3%, to 1,468, gaining for the fourth straight session.

"The Panamax market maintained its positive momentum this week... supported by consistent seasonal trends and steady enquiry across both the Atlantic and Pacific basins," Fearnleys said in the weekly note.

Average daily earnings for panamax vessels .BPWT, which usually carry 60,000-70,000 tons of coal or grain, increased $389 to $13,214.

Among smaller vessels, the supramax index .BSIS gained 6 points, or 0.6%, to 1000.