Baltic index down as rates for bigger vessels remain weak

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities fell on Monday, pulled down by weaker activity in panamax and capesize vessels.
* The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilisers, fell 4 points or 0.48 percent to 822 points.
* The capesize index fell 4 points, or 0.3 percent, to 1,346 points.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $16 to $5,255.
* The Baltic's panamax index dipped 16 points or 1.87 percent to 838 points.
* Average daily earnings for panamaxes, which usually carry 60,000 to 70,000 tonne cargoes of coal or grains, were down $123 to $6,678.
* "Last week rates kept softening on Panamax and we have not seen any positive signs to believe in a rally anytime soon," French shipbroker BRS said.
"The mini squeezes seen in USG (U.S. Gulf) and Baltic didn't give enough support to the market but some ships at the right time at the right place got paid above the market."
Source: Reuters (Reporting by Shrutee Sarkar in Bangalore; Editing by Anthony Barker)