The Baltic Exchange’s main sea freight index .BADI, tracking rates for ships carrying dry bulk commodities, fell and snapped a three-session winning streak on Wednesday, weighed down by lower capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 29 points or 1.9% to 1,530.
“Market sentiment within the dry bulk sector is characterized by cautiousness as the year draws to a close, with mixed indicators compounded by faltering spot rates signaling a potential weakening in performance,” shipbroker Intermodal wrote in a weekly note dated Tuesday.
The capesize index fell 109 points or 4.5% to 2,318.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, was down $904 to $19,222.
Iron ore prices recovered over a sentiment boost following a speech by China’s central bank governor on support for the country’s property market, the biggest steel-consuming sector.
The panamax index rose 17 points or 1.2% to 1,470, rising for a second consecutive session.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, gained $153 to $13,231.
Among smaller vessels, the supramax index snapped a 12-day-losing streak. It edged up 7 points or 0.6% to 1,104.
Source : Hellenic Shipping News
