The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, fell for a second straight session on Wednesday, pressured by lower demand across all vessel segments.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 34 points to 1,228 points, its lowest since February 27.
The capesize index dropped 75 points to 1,894 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, declined $617 to $15,711.
Iron ore futures faltered due to tit-for-tat tariffs between the United States and top metals consumer China, outweighing optimism about improved demand for Chinese steel.
The panamax index fell 24 points to 1,000 points, dropping for a seventh consecutive session.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $215 to $9,003.
Among smaller vessels, the supramax index fell to a two-week low, dropping 8 points to 868 points.
Source: Reuters