The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to more than a three-week low on Thursday as rates across larger vessels slipped.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 90 points to 1,419 points, its lowest level since Nov. 5.
The capesize index lost 257 points to 2,312 points, hitting a three-week low.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $2,130 to $19,172.
Prices of iron ore futures flitted within a narrow range on Thursday, as traders weighed stronger prospects for China’s steel market against weaker economic data from the world’s top consumer.
The panamax index lost 16 points to 1,028 points, down for 10 sessions in a row, hitting its lowest level in over a year.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $146 to $9,250.
Among smaller vessels, the supramax index edged 1 point higher to 989 points.
Source: Reuters (Reporting by Anushree Mukherjee in Bengaluru;Editing by Elaine Hardcastle)
