Smaller Vessel Gains Buoy Baltic Dry Index
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, edged up on Tuesday, supported by gains in rates of panamax and smaller vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up four points at 3,375, the highest since Aug. 5.
The capesize index dropped 14 points, or 0.3%, to 4,328.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down by $114 to $35,895.
On Tuesday, Dalian iron ore slumped for a fifth straight session to a more than four-month low, as concerns about weakening Chinese demand kept the steelmaking ingredient under pressure.
The panamax index rose 18 points, or 0.5% to 3,476, the highest since July 26.
Average daily earnings for panamax, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $157 to $31,282.
The supramax index rose 10 points, or 0.3%, to 3,032, an all-time high.
(Reporting by Rahul Paswan)