The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended declines on Tuesday, hurt by falling rates across the capesize and supramax segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 28 points to 1,015 points. The capesize index was down 72 points to 1,218 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $594 to $10,102. Iron ore futures hit seven-week lows, weighed down by rising stocks of the steelmaking ingredient and disappointment over a lack of further monetary stimulus in top consumer China.
The panamax index was unchanged at 1,061 points. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, edged down $1 to $9,547.
Among smaller vessels, the supramax index shed 11 points at 856 points.