The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, fell to a one-week low on Thursday, weighed down by losses in capesize vessel rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 35 points, or 1.7%, to 2,057 points, its lowest since October 16.
The capesize index hit a similar one-week low, losing 100 points, or 3.2%, to 3,059 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $832 to $25,367.
Iron ore futures prices rose on Thursday for a third straight session, boosted by hopes of stimulus measures and upbeat steel data from top consumer China.
Meanwhile, U.S. shipbuilders and port operators are getting hit in the fallout from President Donald Trump’s campaign to wipe out the offshore wind industry, suffering hundreds of millions of dollars in lost government support, and vanishing vessel orders.
The panamax index extended gains, adding 20 points, or 1.1%, to 1,924 points, its highest since September 16.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose by $181 to $17,319.
Among smaller vessels, the supramax index fell for a fourth straight session, losing 19 points to 1,378 points.
Source: Reuters