The Baltic Exchange’s dry bulk sea freight index slipped on Tuesday to its lowest level in a week, weighed down by a drop in capesize and panamax segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 4 points, or about 0.3%, to 1,357 – its lowest since Dec. 6.
The capesize index (.BACI) shed 18 points, or about 1.1%, at 1,601.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $148 to $13,276.
“All-in-all, with most key trades lacking in momentum at this point, it will take some time before any sort of balance is restored,” shipbroker Allied said in its weekly note, referring to the capesize segment.
Dalian and Singapore iron ore futures slipped on Tuesday, with traders curbing optimism about China’s demand prospects in 2023 as the world’s top steel producer grapples with surging COVID-19 infections.
The panamax index (.BPNI) fell 10 points, or about 0.6%, to its lowest in more than a week at 1,633.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $89 to $14,700.
The supramax index (.BSIS) rose 14 points to 1,167.
Source: Hellenic Shipping News
