The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, fell to a near two-week low on Tuesday, as vessel rates weakened across the board.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 137 points, or 5.1%, to 2,557 points, its lowest since November 27.
The capesize index lost 382 points, or about 7.6%, to 4,631 points, hitting a one-week low.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $3,168 to $38,403.
Iron ore futures prices extended their declines on Tuesday, as the big Simandou project in Guinea, West Africa, shipped its first ore, raising the prospect of more supply at a time when demand in top consumer China is set to decline amid falling steel output.
The panamax index fell to a two-month low, losing 27 points, or 1.5%, to 1,786 points, its lowest level since October 10.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $235 to $16,078.
Among smaller vessels, the supramax index lost 11 points to 1,419 points.
The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, fell to a near two-week low on Tuesday, as vessel rates weakened across the board.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 137 points, or 5.1%, to 2,557 points, its lowest since November 27.
The capesize index lost 382 points, or about 7.6%, to 4,631 points, hitting a one-week low.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $3,168 to $38,403.
Iron ore futures prices extended their declines on Tuesday, as the big Simandou project in Guinea, West Africa, shipped its first ore, raising the prospect of more supply at a time when demand in top consumer China is set to decline amid falling steel output.
The panamax index fell to a two-month low, losing 27 points, or 1.5%, to 1,786 points, its lowest level since October 10.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $235 to $16,078.
Among smaller vessels, the supramax index lost 11 points to 1,419 points.
Source: ReutersSource: Reuters