The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to its lowest in more than one month on Tuesday pressured by losses across all vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 48 points to 1,766 points. The index hit its lowest since late August.
The capesize index dipped 105 points to 2,773 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $878 to $22,994.
Dalian iron ore futures gave up early gains on Tuesday to close slightly lower, as prospects of softer global demand for steel and weaker Chinese economic data outweighed hopes of further stimulus from the world’s top consumer of metals.
The panamax index dropped 45 points to 1,364 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell by $406 to $12,277.
Among smaller vessels, the supramax index was down 2 points to 1,260.
Source: Reuters
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