The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, declined for a third straight session on Wednesday on lower rates across all vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 52 points to 1,978 points. The index dropped to its lowest since Sept. 20.
The capesize index dipped 125 points to 3,399 points, and touched its lowest in a week.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $1,042 to $28,187.
The panamax index was down 22 points at 1,364 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $204 to $12,274.
Among smaller vessels, the supramax index dropped 11 points at 1,272.
President Joe Biden’s administration heaped pressure on U.S. port employers to raise their offer to secure a labor deal with dockworkers on strike for a second day on Wednesday, choking half the country’s ocean shipping.
Source: Reuters