The Baltic Exchange’s dry bulk sea freight index slipped from a near three-week peak on Thursday, as a drop in capesize rates outweighed gains in the panamax segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 17 points, or about 1.3%, to 1,338, a day after hitting its highest since Nov. 11.

The capesize index shed 73 points, or about 4.4%, to 1,570.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $604 to $13,020.

Dalian iron ore futures inched lower on Thursday, despite the easing of strict COVID-19 curbs in some cities in top steelmaker China following a recent string of protests lifting demand sentiment.

The panamax index climbed 34 points, or about 2.2%, to 1,602, its highest in two weeks.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $310 to $14,422.

“In the Pacific, there has been some fresh orders in past few days giving a positional gain to the market, but we are still seeing a build of tonnage going to be open next week,” shipbroker Fearnleys said in its weekly note, referring to the panamax segment.

The supramax index fell 7 points to 1,165.

Source: Hellenic Shipping News