SINGAPORE: Iron ore futures eased on Tuesday as a jump in global shipments and rising arrivals at Chinese ports highlighted abundant supply in the market. The panamax index shed 39 points, or 1.71 percent, to 2,247 points.
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, buoyed by stronger capesize vessel rates.
The main Baltic index — which tracks rates for capesize, panamax and supramax vessels — rose 47 points, or 1.85percent, to 2,593 points. The capesize index gained 157 points, or 4.67 percent, to 3,522 points Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, increased by USD1,427 to USD28,442.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell by USD350 to USD20,223 Among smaller vessels, the supramax index was steady at 1,868 points.
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