Baltic index down for second day on lower rates across vessels

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended its fall for a second straight session on Tuesday as rates declined across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 41 points, or 2.3%, to 1,721.

The capesize index dropped 96 points to 2,755.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased 799 to 22,846 points.

The panamax index slipped 33 points, or 2.3%, to 1,381 points.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $292 to $12,432.

Iron ore futures rose to a near three-week high on Tuesday, boosted by a growing buying appetite from steelmakers in top consumer China ahead of the upcoming peak demand season.

Among smaller vessels, the supramax index was down 1 point at 1,317 points.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore)