Baltic index drops 7pc.

Byline: S. Kamal Hayder Kazmi

The Baltic Exchange's dry bulk sea freight index slipped to its weakest in about three months on Tuesday, as iron ore futures in China declined sharply, weighing on larger capesize vessel rates. The overall index, which factors in rates for capesize, panamax and supramax vessels, dropped 241 points, or 7 percent, to 3,187, the lowest level since July 28. The capesize index fell 466 points, or 11.1 percent, to 3,736, its weakest since July 22. Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, slid $3,858 to $30,987. With the current "uninspiring trade flows" of iron ore combined with the...