The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, was relatively unchanged on Wednesday as gains across panamax vessels offset declining capesize rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 2 points, or 0.1%, at 2,092 points.
The capesize index snapped a four-day winning streak, losing 25 points, or 0.8%, to 3,159 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $205 to $26,199.
Iron ore futures prices drifted higher on Wednesday, as betsthat easing U.S.-China trade tensions and Beijing unveiling more stimulus measures to support economic growth outweighed concerns over rising ore supply and diminishing steel demand.
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 Capesize sector was notably turbulent as China’s newly announced port charges on U.S.-linked ships initially drove bullish expectations, only for sentiment to reverse once exemptions for Chinese-built vessels were clarified,” analysts at Intermodal said in a weekly note on Tuesday.
The panamax index hit an over one-month high, adding 46 points, or 2.5%, to 1,904 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose by $420 to $17,138.
Among smaller vessels, the supramax index fell 17 points to 1,397 points
Source: Reuters