The Baltic Exchange’s main sea freight index snapped four sessions of gains on Tuesday, reports Yahoo Finance.
What is the reason?
The index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, dropped 44 points, or 1.4%, to 3,166, due to lower rates in the capesize and panamax vessel segments.
Capesize Index
- The capesize index lost 106 points, or 2.7%, to 3,844, its lowest since July 22.
- Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, fell by $875 to $31,880.
- Dalian coke futures rose for a third straight session on Tuesday to hit an 11-week peak, while rising costs of steelmaking inputs could make it difficult for China to rein in high prices of steel products, which have already eroded profits at its industrial sector.
Panamax Index
- The panamax index dropped 46 points, or 1.3%, to 3,467, its lowest in over a month.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down $415 to $31,204.
Supramax Index
- The supramax index added 10 points to 2,893.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Yahoo Finance
