The Baltic Exchange’s dry bulk sea freight index dropped on Tuesday, ending a two-session rise and reaching its lowest point in more than two weeks as rates for capesize and panamax vessels declined.
The main Baltic index, which follows rates for capesize, panamax and supramax vessels, fell 63 points, or 2.2%, to 2,815. This marked the index’s lowest level since July 31.
The capesize index lost 138 points, or 3%, to 4,452, also reaching its lowest level since July 31. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, decreased $1,250 to $36,872.
The panamax index dropped 51 points, or 2.3%, to 2,155, its lowest level since August 3. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell $462 to $19,391.
Iron ore futures rose as weak Chinese economic data increased expectations of additional stimulus, offsetting concerns over slowing industrial activity and a sharp drop in steel output.
Gains in the smaller supramax segment were not enough to prevent the overall decline in the main index.
Source: Investing.com
