The Baltic Exchange’s dry bulk sea freight index slipped on Tuesday and snapped a three-session winning streak, weighed down by lower capesize rates.
The overall index which factors in rates for capesize, panamax and supramax shipping vessels, was down 45 points, or 3%, to 1,473.
The capesize index fell 173 points or 7.6%, to 2,099.
Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $1,430 to $17,412.
Iron ore futures climbed to their highest level in more than a week, as investor confidence was boosted after policymakers in top consumer China pledged to stabilise its market.
The panamax index rose for a seventh consecutive session, adding 37 points, or 2.4%, to 1,613 points.
“A solid week for the panamax market took place, with fair gains appearing in most of the core trade arenas… Grain fixing activity was an important source of upward pressure over the past week,” shipbroker Allied said in a weekly note on Monday.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, was up by $327 to $14,513.
Among smaller vessels, the supramax index rose 6 points to 1,033.
Source: Hellenic Shipping News
