Baltic dry index falls to a 3-month low
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 35 points or 2% from Monday to sit at 1,762 points on Tuesday, hitting its lowest level since May 1.
In particular, the capesize index plunged 83 points or 3.2% on day to reach 2,499, also registering the eighth consecutive session of decline. Average daily earnings for capesize vessels, which typically transport 150,000 tonnes cargoes such as iron ore and coal, were down by $682 at $20,729.
Pessimism has been haunting the massive steel market in China lately, which weighed on raw materials markets as well. On the Dalian Commodity Exchange, the most-traded iron ore and coking coal futures contracts for September delivery slumped by 2.77% and 2.16% respectively in the daytime trading session on Tuesday.
The panamax index dropped 20 points or 1.1% to touch a near one-week low of 1,772 points on July 30, and the average daily earnings for panamax vessels slipped too by $187 to $15,945. In parallel, among smaller vessels, the supramax index was down 6 points to 1,377 points.
Written by Adele Pan, panqinjie@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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