Baltic Dry Index Extends Decline for Seventh Consecutive Session
The Baltic Exchange's composite freight gauge fell 1.8% to hit its lowest level since late August, weighed down by sharper losses in the Capesize segment.
Dry bulk shipping rates extended their downward trend on Tuesday as the Baltic Exchange's primary dry freight index fell for the seventh consecutive trading session.
The composite Baltic Dry Index, which monitors charter market rates for vessels transporting dry bulk commodities, decreased by approximately 1.8 percent to 2,801 points. The decline brought the headline gauge to its lowest reading since August 20.
Weakness in the larger vessel categories contributed to the sustained slide across the composite market. The sub-index tracking Capesize bulkers recorded a drop of around 3.7 percent over the session.
Capesize vessels, which typically load 150,000-tonne cargoes predominantly comprised of iron ore and coal, played a key role in steering the broader benchmark lower.
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