The Baltic Exchange’s dry bulk sea freight index (.BADI), which tracks prices for ships carrying dry bulk commodities, fell for a seventh session on Thursday to its lowest in more than a month, weighed down by a dip in rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 94 points, or about 5.5%, to 1,612.
The capesize index (.BACI) fell 137 points, or about 7.3%, to 1,748.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore used in construction, fell $1,137 to $14,500.
Dalian and Singapore iron ore futures widened losses below a key support level, as slumping industrial profits and fresh COVID-19 lockdowns in top steel producer China weighed heavily on sentiment.
“Still no seasonal rally in sight for the big units, and speculations on possible recession do little to fire up a segment which is presently characterized as dull and without direction,” shipbroker Fearnleys said on its website, referring to the capesize segment.
The panamax index (.BPNI) shed 107 points, or about 5.3%, to 1,900 in its worst session in nearly two months.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $965 to $17,100.
The supramax index (.BSIS) fell 60 points to 1,572.
