Baltic Dry Index Extends Drop

The Baltic exchange's main sea freight index dropped for a fifth consecutive session on Tuesday, as rates for capesize and panamax vessel segments fell.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 61 points, or 2.1%, to 2,795, the lowest since April 23.

The capesize index dropped 153 points, or 3.9%, to its lowest since April 20 at 3,790.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased by $1,273 to $31,429.

Data tracked by Mysteel consultancy showed that iron ore shipments to China from Australia and Brazil fell by 2.24 million tonnes to 22.58 million tonnes last week.

The panamax index fell 55 points, or 1.9%, to 2,854.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, declined by $497 to $25,682.

The supramax index was up 14 points at 2,324.

(Reporting by Seher Dareen)