The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities fell on Wednesday, weighed by a decline in capesize vessel rates.

The main index, which monitors rates for capesize, panamax and supramax shipping vessels, was down 16 points, or 1%, at 1,665, hitting its lowest level since June 6.

The capesize index fell 93 points, or 3.3%, to 2,724, hitting its lowest level since June 4. The contract was down for a seventh-straight session.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $768 to $22,592.

Iron ore futures prices fell for a second straight session on Wednesday, weighed down by rising shipments from Australia and Brazil and a seasonal slowdown in demand from top consumer China.

The panamax index rose 41 points, or 3%, to 1,425, gaining for the third straight session.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased $370 to $12,825.

Among smaller vessels, the supramax index gained 11 points or 1.1% to 994.
Source: Reuters