The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped on Wednesday to hover near a 5-month low as falling rates for panamax and supramax vessels overshadowed gains in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 11 points, or about 0.6%, at 2,002 points, its lowest since Feb. 18.

The capesize index gained 85 points, or 3.8%, to 2,334 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $703 at $19,358.

Meanwhile, China’s iron ore imports in June fell modestly from a year ago due to weaker demand from the steel-making industry, while its coal imports fell 33% in the same period as COVID-19 restrictions and higher renewables output dented demand, customs data showed.

The panamax index was down for a 17th straight session, shedding 88 points, or 4.2%, to 2,008 points, its lowest since Feb. 8.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $792 to $18,075.

Meanwhile, major global wheat supplier Ukraine is “two steps away” from hammering out a deal with Russia on exporting Ukrainian grain from the Black Sea port of Odesa, Foreign Minister Dmytro Kuleba told Spanish newspaper El Pais before multilateral talks on the issue began in Istanbul as a global food crisis worsens.

The supramax index fell by 46 points to a fresh five-month low of 2,077 points, registering its 15th straight decline.

Source: Reuters