The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to a near three-week low on Wednesday, pulled down by weaker capesize and panamax vessel rates.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 72 points to 1,509 points, its lowest level since Nov. 8.
The capesize index lost 210 points to 2,569 points, the lowest level in over two-weeks.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,747 to $21,302.
Prices of iron ore futures strengthened for the third straight session on Wednesday, as firmer steel output outweighed a raft of weaker economic data in top consumer China.
The panamax index lost 12 points to 1,044 points, down for the ninth session in a row.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $107 to $9,396.
Among smaller vessels, the supramax index edged 3 points higher to 988 points.
Source: Reuters (Reporting by Anushree Mukherjee in Bengaluru; Editing by Shreya Biswas)
