The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, on Tuesday retraced from its six-week high in the previous session, weighed down by declines in capesize vessel rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 11 points, or 0.8 percent, to land at 1,395 points. The index had touched its highest in six weeks in the previous session on Monday.
The capesize index lost 40 points, or 1.6 percent, to 2,393 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, was down $298 at $17,416.
The panamax index however, rose 4 points, or 0.3 percent, to 1,494 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $32 to $11,956.
The supramax index shed 1 point to 977 points.
Reporting by Arijit Bose