The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to its lowest level in 23 months on Wednesday, as rates dipped across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 35 points to 893 points, hitting its lowest since February 2023.

The capesize index slipped 48 points to 1,236 points, dropping to a near two-week low. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, lost $395 to $10,252. Iron ore futures declined on Wednesday, weighed down by concerns that U.S. President Donald Trump could impose higher tariffs on Chinese imports.

The panamax index fell 31 points to 843 points, also hitting its lowest since February 2023. Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain, decreased by $277 to $7,585.

Among smaller vessels, the supramax index was down 29 points at 674 points, hitting the lowest level since February 2023.