The Baltic Exchange’s dry bulk sea freight index fell to a more than two-week low on Tuesday as vessel rates declined across the board, even as the index marked a second consecutive quarterly gain.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 86 points to 2,134 points, its lowest since September 12. However, it was up 5.4% for the month and 43.3% for the quarter.
The capesize index dropped 219 points to 3,305 points, a near two-week low, but gained about 13% for the month.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,823 to $27,405.
Iron ore futures prices fell, pressured by weak China manufacturing data, but logged solid quarterly gains as robust export-driven rallies in July and August outweighed recent declines.
The panamax index fell to a near one-month low, losing 42 points to 1,776 points, its lowest since September 4. Meanwhile, the index slipped 3.8% for the month.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $373 to $15,985.
Among smaller vessels, the supramax index was down 5 points at 1,473 points, its lowest since September 8.
Source: Reuters