The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the second straight day on Tuesday due to lower capsize rates.
* The overall index – which factors in rates for capesize, panamax and supramax shipping vessels – fell 54 points, or 3.4 percent, to 1,555 points.
* The capesize index fell 224 points, or 7.4 percent, to 2,792 points. It was the biggest one-day percentage fall since May 25.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $1,701, the biggest one-day drop since May 17, to $22,122.
* The panamax index was up 64 points, or 4.7 percent, to 1,431 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $501 to $11,472.
* The supramax index shed 3 points to 994 points.
Reporting by Kishan Nair in Bengaluru