The Baltic Exchange’s dry bulk sea freight index on Tuesday declined to its lowest since early June, weighed down by a drop in demand for its larger capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 168 points, or 6.1%, to 2,591, its lowest level since June 9.
The main index was down for a fourth straight session.
The capesize index shed 369 points, or 9.8%, to an over one-week low of 3,383.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $3,054 to $28,059.
China’s coking coal futures dived more than 9% on Tuesday, extending losses for a third straight session amid increasing coal supply and tepid demand at coking plants.
The panamax index fell 175 points, or 6.1%, to an over six-month trough of 2,675.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased $1,575 to $24,072.
The supramax index gained 4 points to 2,263.
Source: Reuters