The Baltic Exchange’s dry bulk sea freight index fell for a fifth straight session on Thursday, and touched a fresh 10-month low on waning demand across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, slipped 154 points, or 7.6%, to 1,873, its lowest since early March 2021.

The capesize index dropped 351 points, or 16.7%, to 1,746, its biggest daily percentage decline in four weeks.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $2,913 to $14,477.

“The New Year starts with some degree of uncertainty, not only related to the Indonesian coal export ban but also concerning the impacts of the heavy rains in Brazil,” shipbroker Fearnleys said in a weekly note dated Wednesday, referring to capesize segment.

“For Brazilian iron ore, it becomes clear that some chartering activity has been put on hold, however, there is limited information emerging about the actual impacts the rain has created.”

Exports of iron ore from Australia and Brazil stood at 22.35 million tonnes for the week ended Jan. 9, down 5.61 million tonnes compared with the week earlier, according to data from Mysteel consultancy.

The panamax index fell 113 points, or 4.4%, to 2,452, its lowest since Dec. 22.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $1,012 to $22,069.

The supramax index fell 21 points to its lowest level since April at 1,915.

Source: Reuters