Weaker Vessel Rates Weigh on Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the tenth straight session on Tuesday, hurt by weaker rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, declined 36 points, or 3.25 percent, to 1,073 points - its lowest level in over a month.

"The dry bulk market has maintained its decline through the holiday weekend with sentiment remaining weak across the various class sizes," Clarksons Platou Securities analysts said in a note.

The capesize index tumbled 111 points, or 6.24 percent, to 1,668 points, its lowest since March 8.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $687 at $12,598.

The panamax index was down 47 points, or 3.96 percent, at 1,140.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $379 to $9,162.

Among smaller vessels, the supramax index fell 12 points to 849 points, while the handysize index slipped nine points to 550 points.