The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, rose on Tuesday, supported by higher rates for capesize vessels.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 13 points, or 0.7%, to 1,958 points.

The capesize index gained 59 points, or 2%, to 2,947.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $489 to $24,444.

Iron ore futures eased on Tuesday, extending losses into a third consecutive session, as slowing factory activity and weak steel demand in top consumer China weighed on market sentiment.

The panamax index fell 13 points, or 0.7%, to 1,788, marking its seventh consecutive session of losses.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was down by $117 to $16,090.

Among smaller vessels, the supramax index lost 9 points, or 0.7%, to 1,311.
Source: Reuters