The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped on Wednesday, pressured by losses across the capesize and panamax segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 35 points to 1,445 points.

The capesize index fell 87 points to 1,921 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $722 to $15,932.

Iron ore futures extended losses to a second session as a weaker global steel market outlook and softer forecasts for China’s economic recovery overshadowed the top consumer’s latest raft of stimulus measures.

The panamax index eased 22 points to 1,238 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell by $201 to $11,138.

Among smaller vessels, the supramax index was steady at 1,249 points.
Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Vijay Kishore)

https://www.hellenicshippingnews.com/baltic-index-falls-as-rates-decline-across-larger-vessels/