The Baltic Exchange's dry bulk freight index fell on Wednesday to its lowest level since July 1, as lower capesize and supramax rates overshadowed gains in the panamax segment.
The main Baltic index, which tracks rates for the three segments, fell 32 points, or 1.2%, to 2,632.
The capesize index fell 73 points, or 1.8%, to 4,067, its lowest since July 21.
Average daily earnings for capesize vessels — which typically transport 150,000 ton cargoes, including iron ore and coal — fell $664 to $33,384.
Futures for iron ore, used in steelmaking, edged lower as weaker steel mill margins in China dampened demand though concerns over potential supply disruption at BHP's Port Hedland operations limited losses.
The panamax index ticked up 7 points, or 0.4%, to 1,995, logging its first gain since July 15.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, rose $57 to $17,953.
Among smaller vessels, the supramax index declined 20 points, or 1.2%, at 1,628, its lowest level since June 10.
(Reuters)