The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, fell to a near three-week low on Thursday, weighed down by weaker vessel rates across all segments.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for its sixth straight session by 136 points, or 5.6%, to 2,294 points, its lowest since November 21.
The capesize index lost 357 points, or about 8.3%, to 3,927 points, hitting an over two-week low.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $2,958 to $32,569.
Prices of iron ore futures slid on Thursday on elevated concerns over demand in top consumer China fueled by weakening steel consumption that has outweighed hopes of policy signals from Beijing’s high-level meeting.
The panamax index lost 40 points, or 2.3%, to 1,724 points, its lowest level since October 8.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $359 to $15,519.
Among smaller vessels, the supramax index lost 18 points to 1,387 points.
Source: Reuters
