The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to a three-week low on Wednesday, weighed down by muted demand in the capesize segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 117 points, or 6%, to 1,832.
The capesize index logged a fifth straight session of declines, its longest losing streak in two months. It tumbled down by 336 points, or 10.3%, to 2,940.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, lost $2,783 to $24,386.
Dalian iron ore futures hit five-week highs, and the Singapore benchmark rose for a third straight day, buoyed by China’s additional measures to spur economic growth.
The panamax index rose a point or 0.1%, to 1,649.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, gained $9 to $14,840.
In the Pacific region, activity was weaker, with only Indonesian coal shipments managing to compensate for the quieter Non-Pacific and East Australian markets, Intermodal shipbroking said in a Tuesday note.
Among smaller vessels, the supramax index slipped by 19 points or 1.5%, to 1,247.