The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped on Tuesday, as a dip in the capesize segment countered gains in panamax vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 18 points, or 0.97% to 1,829.
The capesize index slipped 53 points, or 1.96%, to 2,655.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, decreased $445 to $22,015.
Iron ore futures rose on Tuesday, as resilient demand and improved prospects in China continued to support the market.
The panamax index snapped a six-session losing streak and rose 11 points, or about 0.61%, to 1,822. Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, climbed $101 to $16,401.
Among smaller vessels, the supramax index eased 10 points, or 0.72%, to 1,382.
Source: Hellenic Shipping News
