Baltic dry index slips further to 1.5-month low

The Baltic Exchange's main sea freight index, a benchmark for global dry bulk shipping rates, extended its decline for a second consecutive session on Tuesday, falling to its lowest level in more than six weeks as weakness in the larger vessel segments continued to weigh on the market.

The overall index, which comprises rates for Capesize, Panamax and Supramax vessels, fell 50 points, or 1.8%, from the previous session to settle at 2,670 points on June 16, marking the index's lowest reading since April 30. The shipping market has been influenced by recent geopolitical developments, Mysteel Global notes.