The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to a near three-year low on Tuesday on capesize’s worst single-day drop in nearly six months.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 53 points, or 8.6%, at 563, lowest since early June 2020.
The capesize index lost 152 points, or about 28.5%, to 382.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $1265 to $3,167.
The panamax index fell 15 points, or about 1.7% to 848.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $133 at $7,631.
The supramax index snapped its seven-day-long losing streak, edging up 2 points at 627.