The Baltic Exchange’s main sea freight index fell for a fifth-straight session on Tuesday, to hit a near one-month low, as demand for capesize vessels slipped.

The main index eased 31 points, or 2.1%, to 1,458 points, its lowest level since June 3.

The capesize index dropped 100 points, or 4.7%, to 2,011 points, lowest since May 28.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $833 to $16,677.

Iron ore futures declined as disappointing factory data and persistent property sector woes in top consumer China dampened sentiment.

China’s manufacturing activity shrank for the third straight month in June, though at a slower pace. However, business sentiment remains subdued.

The panamax index was flat at 1,500 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $4 to $13,498.

Among smaller vessels, the supramax index added 6 points to 1,018 points.
Source: Reuters