Lower Rates Drag Baltic Index
The Baltic Exchange's main sea freight index fell for the second straight session on Tuesday, weighed down by lower rates across vessel categories.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, was down 23 points, or 1.89 percent, at 1,191 points.
The capesize index snapped its five-day winning streak and shed 36 points, or 2.02 percent, to 1,748 points.
"Capesize spot earnings have come under some pressure in part due to a lack of fresh cargoes in the Atlantic," said analysts at shipbroker Clarksons Platou Securities.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $399 to $13,666.
The panamax index lost 35 points, or 2.36 percent- its biggest one-day percentage fall in four-weeks, to 1,450 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $277 to $11,622.
Among smaller vessels, the supramax index shed 6 points to 889 points, and the handysize index lost 7 points to 566 points.
Reporting by Sumita Layek
