Capesize Dip Weighs On Baltic Dry Index
The Baltic Exchange's main sea freight index edged down on Tuesday as the capesize segment snapped a four-session streak of gains.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 17 points, or 0.8%, at 2,145 points.
The capesize index fell by 68 points, or 2.3%, to 2,899 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $560 at $24,043.
Chinese steel futures rose on the day, buoyed by government efforts to relieve financial distress in the country's troubled property sector, but iron ore prices fell on concerns over waning demand for the steelmaking ingredient.
The panamax index was up 17 points, or 0.9%, at 1,889 points, logging its first rise in 21 sessions.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $155 to $17,001.
Brazilian corn exports via southern ports in Parana state have continued to exceed expectations, with shipments rising 221% in the first half of the year amid Ukraine's absence from the market.
The supramax index rose by 2 points to 2,039 points, snapping a losing streak since June 23.
(Reuters - Reporting by Deep Vakil in Bengaluru; Editing by Aditya Soni)