The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels carrying dry bulk commodities, fell on Tuesday snapping a 13-session winning streak, as rates weakened across vessel segments.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 14 points to 1,262 points.
The capesize index declined 11 points to 1,969 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $96 to $16,328.
Dalian iron ore futures slid for a seventh consecutive session as fresh U.S. tariffs on top consumer China kicked in, heightening trade tensions.
U.S. President Donald Trump’s new 25% tariffs on goods from Mexico and Canada took effect, along with a doubling of duties on Chinese goods to 20%, at 0501 GMT. In response, China said it will impose additional tariffs of 10-15% on certain U.S. imports from March 10.
The panamax index was down 21 points at 1,024 points for the sixth straight session, its lowest since February 17.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, dropped $186 to $9,218.
Among smaller vessels, the supramax index slipped 11 points to 876 points, a near two-week low.
Source: Reuters