The Baltic Exchange’s main sea freight index fell for the second straight day on Wednesday, dragged down by a fall in capesize vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 35 points or 1.8% to 1,948.

The capesize index fell by 117 points or 3.4% to 3,304.

Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such as iron ore and coal, declined by $971 to $27,402.

The panamax index gained 2 points or 0.1% to 1,614 – highest in a week.

Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain, gained $22 to touch $14,526.

Iron ore futures rose with the Singapore benchmark rebounding after six straight sessions of declines, as hopes re-emerged that China may consider rolling out more impactful stimulus measures to support its flagging economy.

Among smaller vessels, the supramax index edged 11 points or 0.9% higher to 1,261.

Source: Reuters