The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, fell to its lowest level in a week on Wednesday, weighed down by lower rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels was down 295 points, or 9.4%, at 2,848 – its lowest since Nov. 29.
The capesize index lost 785 points, or 13.2%, to 5,161. The index was up 178% for November.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, lost $6,510 to $42,800.
“Capesize rates are pulling back further as the spot market has gone somewhat quieter after a frantic period since mid-November,” Jefferies analysts wrote in a note.
“Rates in general remain strong but are on a softening trend. We view the backdrop as supportive to freight rates due to fundamentally healthier iron ore demand and seasonally stronger iron ore trade.”
Dalian iron ore futures rose, buoyed by positive economic data and persistently strong demand and as concerns over China’s supervision of the markets to ensure price stability began to fade.
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