The Baltic Exchange’s dry bulk sea freight index fell on Wednesday as all vessel segments recorded losses.
The main index, which monitors rates for capesize, panamax and supramax shipping vessels, was down 12 points to 1,386.
The capesize index dropped 17 points to 1,961.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, fell $143 to $16,265.
“We expect that the dry bulk market’s /demand balance will weaken in both 2025 and 2026 … a change in U.S. trade policy has led to a deterioration in the economic outlook and an increase in uncertainty,” BIMCO stated in a note.
The U.S. trade agency, USTR, announced additional levies on China-linked vessels last week, even as it eased port fees on China-built vessels .
The panamax index was down nine points at 1,380.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased $81 to $12,423.
“We forecast that the outlook for the panamax segment will be the weakest, as coal accounts for over half of the cargo it transports. Conversely, low fleet growth in the capesize segment could keep that segment’s freight rates higher compared to other segments,” said Filipe Gouveia, shipping analysis manager at BIMCO, in a note.
Iron ore futures edged lower, posting a third straight monthly decline amid the possibility of steel output cuts in top consumer China, while demand slowed ahead of the Labour Day holiday.
Among smaller vessels, the supramax index fell for the third straight day, losing 10 points to 957.
The Baltic Exchange will remain closed on Thursday to observe Labour Day.
Source: Reuters
