The Baltic Exchange’s main sea freight index (.BADI) extended its declines to a fourth session on Tuesday, pressured by a dip in the capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 40 points, or about 2%, to 1,904.
The capesize index (.BACI) also fell for the fourth consecutive session, losing 95 points, or about 4%, to 2,246.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel making ingredient iron ore used in construction, fell $788 to $18,630.
Dalian iron ore retreated on Tuesday from a two-month high while other steelmaking inputs also pulled back, as top steel producer China stepped up COVID-19 restrictions to contain a fresh wave of outbreaks ahead of a crucial Communist Party congress.
The panamax index (.BPNI) fell by 32 points, or 1.4%, to 2,196.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped $285 to $19,763.
The supramax index (.BSIS) was unchanged at 1,714.
Source: Reuters
