Baltic index hits one-week low as vessel rates slump

The Baltic Exchange's main sea freight index fell on Tuesday to its lowest level in a week, pressured by weaker demand across all vessel segments.

The main index or 5.3 per cent, to 2,109 points, its lowest level since July 22.

The Capesize index lost 298 points, or 7.9 per cent, to 3,476, marking its lowest level in a week. Average daily earnings for Capesize vessels decreased $2,466 to $28,830.

Iron ore futures prices held well over the key psychological level of $100 a tonne on Tuesday, while investors monitored the renewed Sino-US trade talks for signs of progress.

The Panamax index slipped 57 points, or 3.2 per cent, to 1,741, its lowest level since July 10. Average daily earnings for Panamax vessels decreased by $509 to $15,671.

Among smaller vessels, the supramax index shed eight points, or 0.6 per cent, to 1,281.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Sahal Muhammed)