The Baltic Exchange’s main sea freight index dipped on Tuesday, snapping a five session winning streak, as rates declined across the larger vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax shipping vessels, lost 116 points, or 3.4%, to 3,253. The index had risen to its highest in over five months in the last session.
The capesize index dipped 314 points, or 6.8%, to 4,288 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $2,605 at $35,564.
Chinese coking coal and coke futures dropped around 5%, pressured by expectations of higher supply and as demand from steel mills remained weak on thin profit margins.
The panamax index fell 56 points, or 1.7%, at 3,321 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $500 to $29,892.
The supramax index rose 10 points to 2,828 points.