Baltic Dry Index Extends Losses

The Baltic Exchange's dry bulk sea freight index fell for a fourth straight session Tuesday, weighed down by weak demand across all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell by 201 points, or 4.7%, to 4,056, its lowest since Sept. 10.

The capesize index fell 478 points, or 8.3%, to 5,304, its lowest since Sept. 9.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $3,965 to $43,985.

Ripple effects from the Evergrande "debacle" which affected internal steel demand levels in China's real estate market combined with coal supply issues have led to a "sharp negative shock" on the capesize market, Allied Shipbroking said in a weekly note.

The shock is "most likely to continue to hold over the coming days," it said.

Dalian coking coal and coke futures fluctuated wildly on Tuesday, mirroring market unease over regulatory intervention in China to tame surging prices of coal in particular.

The panamax index fell 97 points, or 2.2%, to 4,231, breaking an 11-session rally.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $877 to $38,075.

The supramax index fell 50 points to 3,497, its third straight fall.

(Reporting by Kavya Guduru in Bengaluru; Editing by Ramakrishnan M.)