The Baltic Exchange’s dry bulk sea freight index extended losses for a fifth consecutive session on Wednesday, weighed down by lower rates for panamax and supramax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, dipped 48 points, or about 2%, to 2,369 points.
The panamax index dipped 101 points, or 3.03%, to 3,236 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $906 to $29,123.
Iron ore prices in Asia rose with the benchmark Dalian contract advancing for a fifth consecutive session, as markets expect robust restocking demand in China when COVID-19 restrictions are lifted.
The capesize index gained 7 points to 1,646.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $59 at $13,655.
The supramax index dropped 71 points to 2,875 points.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Krishna Chandra Eluri)