The dry bulk sea freight index on the Baltic Exchange fell for the sixth session in a row on Thursday due to reduced rates for all vessels, with the Capesize segment leading the decline.
Dropped to Lowest
The entire index, which takes into account the costs of Capesize, Panamax, and supramax maritime vessels transporting dry bulk goods, dropped 60 points, or 4.7%, to 1,228—its lowest level since September 9.
The Capesize index (.BACI) dropped by 145 points, or around 10.9%, to 1,188, its lowest level since September 13.
Capesizes (.BATCA), which typically transports 150,000-tonne cargoes of coal and iron ore, a component of steel, saw a $1,199 drop in average daily earnings to $9,855.
As traders clung to bets that the world’s top steel producer China will introduce more measures to support its economy, Dalian iron ore ended a volatile daytime session higher.
The Panamax index (.BPNI) fell 38 points, or 2.3%, to 1,650, ending a four-session winning streak.
The typical daily pay for Panamax vessels (.BPWT), which typically transport 60,000–70,000 tonnes of coal or grain, dropped by $346 to $14,850.
The supramax index (.BSIS) dropped 5 points to 1,175 and continued to fall for the 19th session in a row.
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Source: Hellenic Shipping