The Baltic Exchange’s dry bulk sea freight index (.BADI), which tracks prices for ships carrying dry bulk commodities, fell to its lowest in about six weeks 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 49 points or about 2.8%, to 1,706, the lowest since Sept. 16.

The capesize index (.BACI) lost 70 points, or about 3.6%, to 1,885, also a near six-week low.

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 $572 to $15,637.

Iron ore futures reversed early gains, with the Dalian benchmark price hitting the lowest in nearly eight weeks, as weakening global steel demand outweighed slowing exports from Australia and Brazil.

The panamax index (.BPNI) shed 66 points to 2,007, recording its worst day in over a month.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $588 to $18,065.

“A strong U.S. soybean crop paired with a record Brazilian harvest will provide some tailwinds to the global grain outlook,” said shipbroker Intermodal in a weekly report.

The supramax index (.BSIS) fell 26 points to over a month low of 1,632.

Source: Reuters