The Baltic Exchange’s main sea freight index fell on Wednesday, snapping a six-session winning streak, hurt by falling rates across the capesize and supramax segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 4 points to 1,630 points.
The capesize index fell by 7 points to 2,746 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $64 to $22,771.
Iron ore futures traded within a narrow range as investors weighed hopes of further fiscal support for China’s beleaguered property sector against weaker credit lending data from the top consumer.
The panamax index .BPNI rose 14 points to 1,208 points.
Average daily earnings for panamax vessels .BPWT, which usually carry 60,000-70,000 tons of coal or grain cargo, gained by $125 to $10,871.
Among smaller vessels, the supramax index .BSIS lost 15 points to 1,036 points.
Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas)
