The Baltic Exchange's dry bulk sea freight index .BADI, which tracks rates for ships carrying dry bulk commodities, extended losses to a 23-month low on Thursday, dragged by weaker rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 69 points to 824 points, hitting its lowest since February 2023.
The capesize index slipped 155 points to 1,081 points, dropping to over five-week low. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, lost $1,285 to $8,967.
Iron ore futures edged higher as fresh initiatives by top consumer China to support its equity markets outweighed concerns of higher U.S. tariffs on Chinese imports.
The panamax index fell 39 points to 804 points, hitting its lowest since June 2020. Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain, decreased by $346 to $7,239.
Among smaller vessels, the supramax index was down 20 points at 654 points, lowest since February 2023.