The Baltic Exchange’s dry bulk sea freight index fell on Thursday as a dip in capesize rates overshadowed gains in the panamax and supramax segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, slipped 8 points, or 0.3%, to 2,567 points.

The capesize index dipped 131 points, or 6.2%, to 1,969.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,079 at $16,333.

“In the short-term we expect Indonesian exports to remain strong,” BIMCO’s chief shipping analyst Niels Rasmussen said in a note adding that “Unfortunately, there are rumours that another export ban may come in April or August.”

The panamax index gained 107 points, or 3.3%, to 3,379 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $963 to $30,413.

Indonesia imposed an export ban on coal in January 2022, removing around 30% of global coal volumes from the dry bulk market, as mentioned in BIMCO’s note.

Chinese stainless steel futures soared as much as 10% to their highest since March 9, after raw material nickel’s prices hit upper limits on both the London Metal Exchange (LME) and the Shanghai bourse.

The supramax index rose 17 points to 3,033 points.

Source: Reuters