The Baltic Exchange’s main sea freight index slipped on Wednesday, as falling rates for capesize vessels offset gains in the panamax and supramax segments.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 100 points, or 5.1%, to 1,849.

The Baltic capesize index lost 398 points, or 10%, to 3,570, hitting its lowest since June 17.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, dropped by $3,301 to $29,610.

However, rising demand for iron ore from China, after the economy opened up following months of virus-led lockdown, has helped the capesize index gain 83.1% so far this year.

The panamax index rose 4.2%, or 60 points, to 1,517.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $538 to $13,651.

The supramax index rose 48 points, or 6.6%, to 773.

Source: Reuters