The Baltic Exchange’s main sea freight index declined on Thursday, as a fall in capesize rates overshadowed gains in the panamax segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 20 points, or 0.8%, to 2,350 points.
The capesize index was down by 147 points, or 3.5%, to 4,042, its lowest level in a week.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,216 to $33,521.
Iron ore futures prices languished with lingering concerns over demand in top consumer China acting as a headwind, despite Beijing’s latest pledge of equipment upgrades that capped some losses earlier in the session.
The panamax index gained 90 points, or 4.4%, to 2,133 points, its highest level since Dec. 7.
Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $812 at $19,197.
“The panamax market has seen a significant increase, mainly in the Atlantic due to a shortage of ships and strong demand, primarily from the North Atlantic and East Coast South America (ECSA), driving rates up,” shipbroker Fearnleys wrote in a weekly note on Wednesday.
Among smaller vessels, the supramax index, was up by 13 points to 1,314 points.
Source: Hellenic Shipping News
