The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, snapped a five-session winning streak on Wednesday. Lower Capesize and panamax vessel rates weighed on the index.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, edged lower by 18 points, or 0.9%, to 1,943.
The capesize index lost 39 points, or 1.3%, to 2,927.
The average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, were down $318 to $24,278.
Iron ore futures pared early gains and struggled for a clear direction as market discussions over potential steel production cuts in top consumer China weighed on prices of the key steelmaking ingredient.
The panamax index fell 35 points, or about 1.8%, to 1,919.
The average daily earnings for Panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, lost $314 to $17,271.
Among smaller vessels, the Supramax index was up 12 points, or 0.9%, to 1,374, its highest level since May 21.
Source: Hellenic Shipping News
