The Baltic Exchange’s dry bulk sea freight index (.BADI), which tracks rates for ships carrying dry bulk commodities, extended its decline to a fifth straight session, weighed down by a dip in rates across vessel segments.
The Baltic Exchange’s dry bulk sea freight index (.BADI), which tracks rates for ships carrying dry bulk commodities, extended its decline to a fifth straight session, weighed down by a dip in rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 42 points, or about 2.3%, to 1,755.
The capesize index (.BACI) lost 81 points, or about 4%, to 1,955.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore used in construction, fell $674 to $16,209.
Iron ore futures slumped with the Dalian benchmark contract hitting a seven-week low as China’s steel demand season draws to an end with a disappointing outcome.
“The prevailing momentum across the majority of the main trade routes was slightly bearish,” said shipbroker Allied in a weekly market report, referring to capesizes.
The panamax index (.BPNI) fell 40 points, or about 1.9%, to about a month low of 2,073.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $366 to $18,653.
The supramax index (.BSIS) fell 12 points to 1,658.
Source: Reuters