The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to 15-month low on Tuesday, dragged down by losses across all vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 12 points to 1,156 points, its lowest level since Sept. 2023.
The capesize index dropped 29 points to 1,503 points, also hitting its lowest level since Sept. 2023.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $238 to $12,464.
Dalian iron ore futures prices surged to their highest in two months on Tuesday after Beijing eased its monetary policy stance for the first time in over a decade, spurring bets of further stimulus to boost the top consumer’s economic growth.
The panamax index edged down 2 points to 1,077 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $22 to $9,691.
Among smaller vessels, the supramax index was down 4 points at 967 points, its lowest level since August 2023.
Source: Reuters
