The Baltic Alternate’s dry bulk sea freight index hit its lowest in over 5 weeks on Thursday, dragged down by declining charges throughout all vessel segments.
The general index, which elements in charges for capesize, panamax and supramax delivery vessels, fell 67 factors, or 3.2%, to 2,061 factors.
The capesize index fell 73 factors, or 4.9%, to 1,417 factors, touching its lowest in seven weeks.
Common day by day earnings for capesizes, which generally transport 150,000 tonne cargoes equivalent to iron ore and coal, declined by $602 to $11,753.
“Ranges for the massive ships dipping additional as sluggish port turnaround/elevated congestion stays inadequate to compensate for markedly decrease mineral volumes traded in comparison with identical interval final yr,” Fearnleys wrote in a weekly be aware on Wednesday concerning the capesize section.
The panamax index dipped 90 factors, or 3.1%, to 2,778 factors, hitting its lowest since March 4.
Common day by day earnings for panamaxes, which often carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $806 to $25,003.
China’s metal rebar and hot-rolled coils futures dropped as downstream demand remained sluggish amid a contemporary wave of COVID-19 circumstances, whereas weaker iron ore costs additionally weighed on sentiment.
The supramax index dropped 58 factors to 2,547 factors.
Supply: Reuters (Reporting by Rahul Paswan in Bengaluru; Modifying by Krishna Chandra Eluri)