The Baltic Exchange’s main sea freight index .BADI , which tracks rates for ships carrying dry bulk commodities, fell to a near five-month low on Tuesday as capesize rates dipped.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 68 points, or 3.3%, at 2,013 points, its lowest since Feb. 18.
The capesize index .BACI lost 116 points, or 4.9%, to 2,249 points, snapping a three-day rally.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $958 at $18,655.
Dalian and Singapore iron ore futures dropped on Tuesday on persistent concerns about weak demand in China, with the state planner’s announcement of a plan to build more roads offering little relief to flagging markets.
The panamax index .BPNI was down for the 16th straight session, shedding 76 points, or 3.5%, to 2,096 points, its lowest since Feb. 8.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $679 to $18,867.
The supramax index .BSIS fell by 29 points to a five-month low of 2,123 points, registering its 14th straight decline.
Source: Reuters (Reporting by Deep Vakil in Bengaluru; Editing by Aditya Soni)
