On Wednesday, the Baltic Exchange’s main marine freight index declined for the third day in a row, weighed down by losses in the bigger Capesize and Panamax vessel sectors.
The entire index, which takes into account rates for capesize, panamax, and supramax shipping vessels transporting dry bulk commodities, slid 45 points, or 3.8%, to 1,138, the lowest level in a week.
At 1,822, the capesize index fell 115 points or 6.0%.
The average daily wage for capsizes, which often transport 150,000-tonne cargoes like iron ore and coal, fell $955 to $15,113. Meanwhile, Dalian and Singapore iron ore futures continued to rise, although gains were limited due to dismal industrial data in main user China and fading prospects of new stimulus measures. The panamax index was down 31 points, or 2.9%, at 1,058, declining for the seventh straight session.
“In the Atlantic, grain trade activity was weak, while in the Pacific, public holidays in China contributed further to the downward pressure,” shipbroker Intermodal stated in a weekly note referring to the panamax segment.
The average daily earnings for panamaxes, which typically transport 60,000 to 70,000 tonnes of coal or grain, fell $271 to $9,526.
The supramax index for smaller vessels increased by 6 points to 752.
