The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, fell to an over one-week low on Tuesday, as rates declined for all vessel segments.

The main index BDI, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 38 points to 1,986 points, hitting its lowest level since August 22.

The capesize index shed 75 points to 2,874 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $619 to $23,836.

Prices of iron ore futures drifted higher after falling to a one-week low in the previous session, aided by hopes of a demand recovery after the end of top consumer China’s military parade.

The panamax index shed 49 points, or 2.7% to 1,764 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $437 to $15,876.

Among smaller vessels, the supramax index was down 1 point to 1,466 points, snapping a 20 session win run.

Workers began a three-day strike over pay at Belgian gas terminal operator Fluxys’ Dunkirk liquefied natural gas terminal late on Monday evening, part of a broader action in the power and gas sector focused on pensions and wages.
Source: Reuters