The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, extended losses on Tuesday, weighed down by declining vessel rates across all segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 26 points, or 1.3%, to 1,950 points, its lowest in over two weeks.

The capesize index fell to an over three-week slump, losing 54 points, or 1.9%, to 2,784 points, its lowest since October 3.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $445 to $23,089.

Iron ore futures prices strengthened on Tuesday, with market sentiment buoyed by China’s recent proposal of rules placing limitations on steelmaking capacity designed to rebalance supply and demand in the world’s leading producer.

The panamax index lost 17 points, or 0.9%, to 1,904 points, its lowest in a week.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $154 to $17,138.

Among smaller vessels, the supramax index lost 11 points to 1,350 points.
Source: Reuters