The Baltic Exchange’s main sea freight index extended its fall to the lowest in more than two months on Wednesday as rates for all vessel segments declined.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 90 points to 1,676 points. The index hit its lowest since Aug. 13.
The capesize index fell 221 points to 2,552 points. The index also hit its lowest in two months.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $1,833 to $21,161.
Iron ore futures prices fell on Wednesday, as prospects of firmer global supply and softer Chinese demand overshadowed stronger trade data from the top consumer.
“The market might have hoped for a more active week after China’s Golden Week, but things remained slow. All regions were weak,” shipbroker Allied said in a weekly note dated Tuesday.
The panamax index dropped 55 points to 1,309 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell by $492 to $11,785.
Among smaller vessels, the supramax index shed 3 points to 1,257.
Source: Reuters
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