The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, extended losses and fell to a one-week low on Wednesday, pressured by weak capesize vessel rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 42 points, or 2%, to 2,030 points, its lowest since November 5.
The capesize index lost 169 points, or 5.3%, to 3,023 points, its lowest level since November 4.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,402 to $25,067.
Iron ore futures gained on Wednesday, as hopes of fresh stimulus from top consumer China outweighed concerns over a gloomy outlook stemming from growing supply and diminishing demand.
Meanwhile, the panamax index gained for its sixth straight session, adding 22 points, or 1.2%, to 1,887 points, its highest in over two weeks.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose by $196 to $16,981.
Among smaller vessels, the supramax index gained 21 points to 1,365 points.
Source: Reuters