The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth straight session, dragged by weaker rates in panamax and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 7 points, or about 1.2%, to 601, its lowest since early-June 2020.
The panamax index lost 40 points, or about 4.4%, to 867, its lowest since June 12, 2020.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $353 to $7,806.
“As the East returns from the Lunar holidays, rates in the Pacific showed signs of resurgence, but overall performance remained weak with the Atlantic pulling down any positive results,” shipbroker Allied wrote in a weekly market report.
The supramax index fell 13 points to 667.
The capesize index snapped its 15-day long losing streak, gaining 24 points, or about 5.7%, to 443.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $202 at $3,677.
Dalian and Singapore iron ore futures fell to three-week lows on Tuesday, as rising portside inventory in China weighed on prices already pressured by weak demand prospects.