The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, slipped for the eleventh straight session on Tuesday as the capesize index posted its biggest daily percentage fall in more than 10 months.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 61 points, or 5.4 percent, to 1,064 points.
The capesize index plunged 17.5 percent, or 245 points, to 1,153 points, its biggest one day percentage decline since Jan. 2. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined by $1,490 to $9,270.
The panamax index inched up 2 points, or 0.13 percent, to 1,498 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $16 to $11,988.
The supramax index eased 8 points to 986 points.
Reporting by K. Sathya Narayanan