Baltic Index Down For Sixth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth consecutive session on Tuesday on lower rates for larger vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, shed 16 points, or 1.37 percent, to 1,154 points.
The capesize index lost 13 points, or 0.73 percent, to 1,767 points, its lowest in over six weeks.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $81 at $12,879.
Capesize earnings have inched lower "as the Brazilian market remains relatively quiet thus far into the week," Clarksons Platou Securities analysts said in a note.
The panamax index slipped by 58 points, or 4.06 percent, to 1,371 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $459 to $11,010.
Among smaller vessels, the supramax index fell 5 points to 887 points, while the handysize index remained flat at 577 points.
(Reporting by Arpan Varghese in Bengaluru)