Baltic index retreats on lower rates across all vessel segments

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight Index, which tracks rates for ships carrying dry bulk commodities, retreated on Tuesday rates dipped across all vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 18 points to 1,053 points.

The capesize index shed 32 points to 1,308 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $268 to $10,848.

Iron ore futures moved in a tight range on Tuesday as markets weighed slowed shipments against lacklustre demand and high portside stocks in top consumer China.

The panamax index edged down 18 points to 959 points, its lowest level since July 2023.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $169 to $8,627.

Among smaller vessels, the supramax index was down 6 points at 949 points, its lowest level since August last year.