The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a ninth consecutive session on Tuesday, hurt by weaker rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 43 points or 2.9%, to 1,459.
The capesize index declined for the ninth straight session, its longest losing streak since May. The index lost 71 points or 3.4%, to 2,020.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, lost $594 to $16,750.
” A rise in coal cargoes in the Pacific failed to offset Australian volumes, which delivered a substantial 42% drop over the week, while a similar situation in the Atlantic left earnings in only a slightly better state”, shipbroker Allied said in a weekly note on Monday, referring to the capesize segment.
Singapore iron ore edged down as caution dominated traders after the latest Chinese manufacturing data missed expectations.
The panamax index declined 41 points or 2.6%, to 1,534, the biggest daily decline in over two months.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, fell $374 to $13,803.
Among smaller vessels, the supramax index slipped 24 points or 2.1%, to 1,135.
Source: Hellenic Shipping News
