The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped on Tuesday as rates for the capesize vessel segment slipped for a ninth straight session.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, slid 64 points, or 4.4%, to 1,380, its lowest level since Jan. 4. The index extended its losing streak to eight sessions.

The capesize index was down 177 points, or 9.5%, at 1,694, its lowest since Dec. 16.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $1,463 to $14,053.

Iron ore prices tumbled as market participants turned cautious ahead of a week-long Lunar New Year holiday beginning on Feb. 11 in top steel producer China.

The panamax index was down 6 points, or 0.4%, at 1,624, its lowest level since Jan. 20.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down $54 at $14,615.

The supramax index dipped 13 points to 1,149.

(Reporting by Bharat Govind Gautam; Editing by Vinay Dwivedi)

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