The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities extended its losing streak to a ninth straight session on Wednesday, as rates eased across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dipped 53 points, or 3.8%, to 1,327, its lowest level since Dec. 21, 2020.
The capesize index fell 150 points, or 8.9%, to an over seven-week low of 1,544.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,251 at $12,802.
Dalian iron ore futures fell on Wednesday on rising shipments from the world’s biggest suppliers of the steelmaking ingredient, including Brazil, and weakening demand in top steel producer China ahead of the Lunar New Year holiday.
The panamax index edged down 1 point, or 0.1%, to 1,623, its weakest since Jan. 20.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $11 to $14,604.
The supramax index dropped 8 points to a near two-week low of 1,141.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Vinay Dwivedi)
