The Baltic Exchange's main sea freight index fell for a fourth straight session on Tuesday on weakness across vessel segments, with the panamax segment falling by the most in over eight months.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 65 points, or about 6%, to 1,017 points, a more than two-year low.
The capesize index fell for the fourth consecutive session, shedding 74 points, or about 18%, to 337 points, its lowest since early June 2020.
Dalian and Singapore iron ore futures plummeted amid renewed worries over COVID-19 curbs and steel output restrictions in top producer China.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell by $620 to $2,793.
The panamax index fell 88 points, or about 6.4%, to 1,284 points, on its worst day since mid-December 2021. It also hit its lowest since late November 2020.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $788 to $11,556.
The supramax index fell for the third day, losing 53 points to 1,691 points, on its worst day in more than three weeks.
Source: Reuters
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