- The Baltic Exchange’s dry bulk sea freight index hit a three-week low, mainly due to Capesize rates dropping significantly by 4.3%.
- Capesizes, transporting iron ore and coal, saw a decrease in average daily earnings to $32,639. However, panamax rates rose by 0.3%, while supramax continued its decline for the ninth consecutive session.
- Additionally, rising attacks by the Yemeni Houthi group in the Red Sea have led to increased shipping stock prices in Europe as global freight firms reroute to avoid the Suez Canal.
Sea Freight Index
Capesize
The capesize index.BACI was down 177 points, or 4.3%, at 3,936, also hitting a three-week low.
Average daily earnings for capsizes.BATCA, which typically transports 150,000-ton cargoes of iron ore and coal, decreased $1,468 to $32,639.
Iron ore futures extended losses, as some investors unwound long positions amid persistently weak data and fading hopes for more stimulus in top consumer China.
Panamax
Bucking the trend, the Panamax index.BPNI was up 6 points, or 0.3%, at 1,906, logging its first rise in two weeks.
Average daily earnings for panamaxes.BPWT, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, increased from $59 to $17,155.
Supramax
Among smaller vessels, is the supramax index.BSIS was down 7 points, or 0.5%, at 1,419, extending its losing streak for the ninth session.
Meanwhile, shipping stocks kept rising across Europe with mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupting maritime trade as leading global freight firms rerouted around the Cape of Good Hope to avoid the Suez Canal.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: XM
