The Baltic Exchange’s main sea freight index retreated on Tuesday after hitting its highest in nearly two months in the previous session, pressured by a dip in the capesize vessel segment
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 17 points, or 0.9%, to 1,941. The index hit its best since July 15 in the last session.
The capesize index lost 62 points, or 1.8%, to 3.342.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $520 to $27,712.
The panamax index added 15 points, or 1.2% to 1,317 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased $131 to $11,852.
Iron ore futures prices dipped as the weakening Chinese demand outlook for steel outweighed softer supply and expectations of further stimulus from the top consumer.
Among smaller vessels, the supramax index (BSIS) edged lower 1 point to 1,258.
Source: Reuters
