Baltic index drops on lower capesize, panamax rates

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities fell on Thursday, dragged down by lower capesize and panamax rates.
* The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilisers, fell 7 points or 0.86 percent to 811 points.
* The Baltic's panamax index dipped 15 points or 1.83 percent to 806 points.
* Average daily earnings for panamaxes, which usually carry 60,000 to 70,000 tonne cargoes of coal or grain, were down $124 to $6,415.
* The capesize index fell 9 points or 0.67 percent to 1,339 points.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore or coal, were down $122 to $5,172.
Source: Reuters (Reporting by Shrutee Sarkar in Bangalore; editing by Stephen Nisbet)