The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, slipped to its lowest level in more than a month on Tuesday as rates for the capesize vessel segment fell.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 27 points, or 1.4%, to 1,869, hitting its lowest level since June 12.
The capesize index fell 103 points, or 3.5%, to 2,854, lowest level in over a month.
Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $856 at $23,665.
Iron ore futures fell to their lowest in more than three months as a lack of stimulus from top consumer China’s third plenum fanned prospects of bleak demand.
The panamax index .BPNI was up 16 points, or 0.9%, to 1,728, marking its highest level in four weeks.
Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain cargo, increased $144 to $15,549.
Among smaller vessels, the supramax index .BSIS gained 6 points, or 0.4%, to 1,380.
Source: Reuters