Baltic Index snaps three-session winning streak
The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a three-session gaining streak on Tuesday, as rates declined across all vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 13 points at 1,080 points after hitting a more-than-one-month high on Monday.
The capesize index fell 11 points to 1,604 points. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $91 to $13,300.
Iron ore futures rose for a fourth straight session, to hover near their highest levels in more than a week, helped by lower shipments from key producers and top consumer China's robust steel exports.
The panamax index shed 20 points to 906 points, its lowest since July 25, 2023. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $174 to $8,158.
The supramax index fell 11 points to 798 points, down for the 23rd straight session.
Elsewhere, Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supplies from other countries to China and India, shipbrokers and traders said.