Baltic Dry Index Slides to Three-month Low
The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, slipped to its lowest level in three months on Tuesday, weighed down by lower rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 35 points, or 2%, to 1,762, hitting its lowest level since May 1.
The capesize index fell 83 points, or 3.2%, to 2,499, declining for a eighth consecutive session.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $682 at $20,729.
Iron ore futures retreated further as the outcome of China's key Politburo meeting and the strong global supply outlook both weighed.
The panamax index lost 20 points, or 1.1%, to 1,772, hitting a near one-week low.
Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, decreased $187 to $15,945.
Among smaller vessels, the supramax index was down 6 point, or 0.4%, to 1,377.
Russia's navy began planned exercises involving most of its fleet in the Arctic and Pacific oceans as well and the Baltic and Caspian seas, the defense ministry said.
(Reuters - Reporting by Sherin Elizabeth Varghese; Editing by Shailesh Kuber)