The Baltic Exchange’s dry bulk sea freight index edged lower on Thursday, ending a three-day winning streak as Capesize vessel rates declined.
The main index fell 40 points to 1,923.
The Capesize index slipped after a four-day rise, losing 138 points to 2,786. Average daily earnings for Capesize vessels decreased by $1,151 to $23,101.
“Overall market sentiment still points toward a downward correction in the coming month. Once the immediate post-holiday activity settles, the underlying fundamentals and some seasonal softness may start to weigh on rates again,” said Yiannis Parganas, head of research at Intermodal Shipbrokers.
Iron ore futures advanced on Thursday, supported by inventory restocking at Chinese steel mills following the National Day holiday, although concerns over profit margins and trade restrictions on steel weighed on sentiment.
Meanwhile, the Panamax index climbed 35 points to 1,730 — its highest since September 30.
Average daily earnings for Panamax vessels rose by $316 to $15,568.
Among smaller vessels, the supramax index fell for a tenth straight session, dropping eight points to 1,403.
(Reporting by Pablo Sinha in Bengaluru; Editing by Shreya Biswas)