The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, tumbled on Tuesday, snapping a nine-session winning streak, as capesize vessel rates dropped.
The index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, ended down 19 points, or 2.16 percent – it’s biggest one-day percentage fall in three weeks – at 859 points.
The capesize index closed down 130 points, or 11.29 percent, at 1,021 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,106 to $8,027.
“Capesize rates remain under pressure, with rates dropping … on the back of a meaningful drop off in activity in the Pacific markets,” Clarksons Platou analysts said in a note.
The panamax index finished up 29 points, or 3 percent, at 995 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $236 to $7,996.
Among smaller vessels, the supramax index and handysize index rose eight points each to end at 825 points and 444 points, respectively.