Baltic Index Down for Sixth Straight Session
The Baltic Exchange's dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, fell for a sixth straight session on Tuesday, pressured by lower rates across all vessel segments.
The main index .BADI, which tracks rates for capesize, panamax, and supramax shipping vessels, was down 11 points at 1,587, its lowest since March 12.
The capesize index .BACI fell 25 points to 2,440, a near one-month low.
Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, lost $208 to $20,234.
Iron ore futures prices rebounded as growing demand for the steelmaking ingredient in top consumer China outweighed trade war concerns from upcoming U.S. tariffs.
White House aides have drafted plans for tariffs of about 20% on most of the $3 trillion of goods imported annually to the U.S., the Washington Post reported on Tuesday, as U.S. President Donald Trump prepares to announce reciprocal tariffs that have global businesses, consumers and investors fretting about an intensifying global trade war.
The panamax index .BPNI eased 2 points to 1,499.
Average daily earnings for panamax vessels .BPWT, which usually carry 60,000-70,000 tons of coal or grain, was down $22 at $13,489.
Among smaller vessels, the supramax index .BSIS dropped 5 points to 983.
(Reuters - Reporting by Ishaan Arora in Bengaluru; Editing by Vijay Kishore)