The Baltic Exchange’s dry bulk sea freight index .BADI, tracking rates for ships carrying dry bulk commodities, snapped a three-session losing streak on Tuesday, helped by higher rates for capesize vessels.
The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, rose 15 points, or 0.9%, to 1,670.
The capesize index .BACI gained 64 points, or 2.3%, to 2,477, hitting its highest level in 2 weeks.
Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes, such as iron ore and coal, increased $532 to $20,540.
Singapore iron ore futures prices fell for a second session on Tuesday to hit their lowest in nearly two weeks, as faltering demand amid steel output cuts in top consumer China outweighed support from some short-covering activities.IRONORE/
The panamax index .BPNI lost 21 points, or 1.3%, to 1,563, its lowest level in over a month.
Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $189 to $14,068.
Among smaller vessels, the supramax index .BSIS was down 2 points, or 0.2%, at 1,292.
Source: Reuters