The Baltic Exchange’s dry bulk sea freight index fell on Monday, logging its worst session in two weeks as rates declined in the capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 58 points, or 3.8%, to 1,460 points.
The capesize index down 165 points, losing 7.7%, to 1,970 points, also its biggest daily decline in two weeks.
Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $1,371 to $16,337.
Iron ore prices in China hit a three-week high on hopes of improving demand amid policy support to the property market in China and the expectation of further stimulus.
The panamax index fell 10 points, or 0.6%, to 1,686 points, snapping a 10-session winning streak.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, was down by $88 to $15,175.
Russia’s January exports of wheat, barley and maize (corn) are estimated at 4.5 million metric tons, down from 4.4 million tons in December, the Sovecon agricultural consultancy said.
Among smaller vessels, the supramax index was unchanged at 1,065 points.
Source: Hellenic Shipping News
