The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended losses to a 17-month low on Thursday, dragged down by weaker rates across capesize and supramax vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 52 points to 976 points, hitting its lowest level since July 2023.
The capesize index dropped 158 points to 1,079 points, 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 $1,316 to $8,945.
Iron ore futures prices fell on Thursday to their lowest in nearly a month, as concerns about demand prospects in top consumer China and the U.S. Federal Reserve’s outlook for interest rate cuts next year weighed on sentiment.
The panamax index edged up 7 points to 964 points.
Average daily earnings for panamax vessels which usually carry 60,000-70,000 tons of coal or grain cargo, rose $65 to $8,681.
Among smaller vessels, the supramax index was down 3 points at 944 points, its lowest level since August last year.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Tasim Zahid)
