The Baltic Exchange’s main sea freight index tracking rates for ships carrying dry bulk commodities fell on Wednesday, weighed down by losses in the capesize segment.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 7 points to 1,395 points.
The capesize index fell 13 points to 1,846 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $106 to $15,311.
Iron ore futures were range-bound, as concerns over steel demand in top consumer China ignited by the European Union’s decision to hike tariff on Chinese electric vehicles countered prospects of more fiscal stimulus from Beijing.
The panamax index gained 7 points to 1,202 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $67 to $10,819.
Among smaller vessels, the supramax index lost 14 points to 1,207 points.
Source: Reuters
