The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to a 15-month low on Wednesday, dragged down by lower capesize rates.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 57 points to 1,180 points, its lowest since Sep. 2023.
The capesize index fell 183 points to 1,609 points, hitting its lowest level since Sep. 15, 2023.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,518 to $13,345.
Iron ore futures prices gained on Wednesday as lingering expectations of fresh Chinese economic stimulus outweighed concerns over the escalation of trade tensions between the United States and China.
The panamax index edged up 9 points to 1,014 points and snapped a thirteen-session losing streak. However, the contract is still at its 16-month-low level.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $82 to $9,124.
Among smaller vessels, the supramax index edged up 3 points to 982 points.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Tasim Zahid)
