The Baltic Exchange’s dry bulk sea freight index fell on Tuesday, logging its biggest decline in over two weeks on lower rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 63 points, or 4.3%, at 1,397 points.
The capesize index down 146 points, losing 7.4%, at 1,824 points, its lowest since Jan. 17.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,207 to $15,130.
Iron ore futures dropped as concerns over the indebted property sector in top consumer China countered optimism from the country’s recent efforts to contain a deepening crisis and shore up market confidence.
The panamax index fell 50 points, or 3%, to 1,636 points, marking its biggest decrease in 20 days.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, was down by $450 at $14,725.
Pakistan’s rice exports are likely to jump to a record high in the year ending in June as rival India’s decision to curb its own shipments forces buyers to purchase more from Islamabad, which is offering the grain at nearly 16-year-high prices.
Among smaller vessels, the supramax index was down 4 points at 1,061 points, its first decline in a week.
Source: Hellenic Shipping News
