The Baltic Exchange’s dry bulk freight index, which tracks rates for vessels transporting dry bulk commodities, fell for an ninth straight session on Thursday, dragged down by a weak capesize segment.

The main index, which tracks rates for capesize, panamax and supramax vessels, lost 34 points, or 2.2%, to 1,532.

The capesize index fell 147 points, or 6.3%, to 2,175.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $1,334 to $16,226.

Iron ore futures retreated as hot metal output fell in top buyer China amid a slow resumption of production after the New Year holiday.

Among smaller vessels, the supramax index rose by 10 points to 963.

The panamax index rose, adding 57 points, or 4.3%, to 1,398.

Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, increased $513 to $12,585.
Source: Reuters