The Baltic Exchange’s main sea freight index hit a more than one-month low on Tuesday, hurt by lower rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 46 points, or 1.8%, to 2,514 points.
The capesize index fell 89 points, or about 3.2%, to 2,668 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $738 at $22,128.
“Negative pressure is still present in some of the main routes, indicating a relatively more volatile market in the near term,” Allied Shipbroking said in a weekly note referring to the capesize segment.
The panamax index dropped 26 points, or 0.9%, to 2,815 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $234 to $25,339.
Benchmark iron ore futures in Asia slipped as traders fretted about high prices squeezing steel mill margins after Chinese demand for the steelmaking ingredient spurred an earlier rally.
The supramax index lost 28 points to 2,632 points.