The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, fell to a near two-week low on Wednesday, pressured by lower rates for capesize and panamax vessels.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 46 points to 1,940 points, hitting its lowest level since August 21.

The capesize index shed 101 points to 2,773 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $842 to $22,994.

Prices of iron ore futures climbed for a second straight session, as Goldman Sachs raised its average price forecast for the fourth quarter of this year to $95 a metric ton from $90 a ton previously.

The panamax index shed 45 points, or 2.6% to 1,719 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $405 to $15,471.

Among smaller vessels, the supramax index was up 1 point to 1,467 points.
Source: Reuters