The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, ticked down on Tuesday, pressured by falling capesize vessel rates.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 12 points, or 0.6%, to 2,072 points.

The capesize index lost 71 points, or 2.2%, to 3,192 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $594 to $26,469.

Iron ore futures traded in a tight price range on Tuesday, as investors weighed prospects of fresh stimulus from Beijing next month against signs of softening demand in top consumer China.

Meanwhile, the panamax index gained 20 points, or 1.1%, to 1,865 points, its highest since October 29.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose by $184 to $16,785.

Among smaller vessels, the supramax index gained 17 points to 1,344 points.
Source: Reuters