The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, extended losses to a near three-week low on Tuesday, pressured by lower rates for capesize and panamax vessels.
The main index BBDI, which tracks rates for capesize, panamax and supramax shipping vessels, fell 49 points, or 2.49%, to 1,921 points, its lowest since July 16. The contract was down for a second straight session.
The capesize index (.BACI) was down 152 points, or 4.8%, at 3,006, a two-week low.
Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, slid $1,258 to $24,929.
Iron ore futures climbed to a near one-week high, aided by resilient near-term demand in top consumer China.
The panamax index (.BPNI) lost 8 points, or 0.5%, to 1,625, a near four-week low.
Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, were down $71 at $14,625.
Among smaller vessels, the supramax index (.BSIS) added 9 points, or 0.7%, at 1,279, its highest level since July 29.
Source: Reuters