The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, dropped about 7.1% to the lowest since February 10 at 1,919 points on Tuesday, after rising nearly 3% the prior day.

Ongoing disruptions in the Strait of Hormuz continued to weigh on shipping activity and freight demand.

The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, plummeted 11.8% to 2,502 points; and the panamax index, which usually carry 60,000 to 70,000 tons of coal or grain, extended its decline, falling 2.7% to 1,861 points.

Among smaller vessels, the supramax index slipped 2.3% to 1,342 points.
Source: Trading Economics