The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday as the capesize segment hit its lowest in three weeks.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 11 points, or 0.6%, to 1,890.
The capesize index dipped 66 points, or 2.1%, to 3,024 points and hit its lowest since Aug. 28.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $540 to $25,083.
The panamax index gained 36 points, or about 2.5%, to reach 1,502 points. The index also registered its highest level in a month.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased $326 to $13,516.
Iron ore futures prices posted their biggest daily fall in nearly two years, weighed by prospects of stronger global supply and weakening Chinese steel demand.
Among smaller vessels, the supramax index edged 4 points higher to 1,270.
Source: Reuters
