The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, extended losses to a more than one-month low on Thursday, as vessel rates declined across the board.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 50 points, or 2.4%, to 2,071 points, its lowest since November 12.

The capesize index edged lower, falling 19 points, or about 0.5%, to 3,675 points, a near one-month low.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $157 to $30,480.

Iron ore futures extended gains on Thursday, aided by improved steel margins and the expectation of feedstock replenishment among steel mills in top consumer China.

“Assuming a significant increase in recycling of older ships and a reduction in average sailing speeds, we forecast that average market conditions in 2026 will be like those in 2025 but 2027 could see slightly weaker market conditions,” said Niels Rasmussen, chief shipping analyst at BIMCO.

The panamax index fell 91 points, or 6.2%, to 1389 points, its lowest level since June 24.

Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, decreased by $813 to $12,505.

Among smaller vessels, the supramax index lost 50 points to 1,258 points.
Source: Reuters