The Baltic Exchange’s main sea freight index recorded its biggest daily percentage decline in nearly a month on Tuesday as demand for larger vessels weakened.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 50 points, or 4.1%, to 1,183 — its biggest dip since June 1.
The capesize index dipped 138 points, or 6.7%, to 1,937.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $1,141 to $16,068.
Meanwhile, Dalian and Singapore iron ore futures climbed as the prospects of further economic stimulus from China and active post-holiday restocking in some mills boosted trader sentiment.
The panamax index was down 24 points, or 2.2%, at 1,089, declining for the sixth straight session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $216 to $9,797.
Among smaller vessels, the supramax index fell 5 points to 746.