The Baltic Exchange’s main sea freight index dropped to its lowest in nearly one month on Tuesday, hit by declining rates for capesize and panamax vessels.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 17 points, or 1.1%, to 1,471, its lowest since Aug. 4.
The capesize index dipped by 42 points, or 1.9%, to 2,176.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, declined $350 to $18,044.
The panamax index edged 13 points lower to 1,604.
But the index gained by over 31% last month and 43.5% so far this year.
If exports of soybeans and corn from the U.S. are strong from the beginning of the new marketing year, there will be healthy support for the dry bulk market from Sept. 1, Peter Sand, chief shipping analyst at BIMCO said in a note.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down by $110 at $14,439.
The supramax index was unchanged at 958.