The Baltic Exchange's dry bulk sea freight index fell to a 15-month low on Wednesday, dragged down by lower Capesize rates. The index fell 57 points to 1,180 points, its lowest since September 2023.
The Capesize index fell 183 points to 1,609 points, hitting its lowest level since September 15, 2023. Average daily earnings for Capesize vessels decreased by $1,518 to $13,345.
Iron ore futures prices gained on Wednesday as lingering expectations of fresh Chinese economic stimulus outweighed concerns over the escalation of trade tensions between the United States and China.
The Panamax index edged up nine points to 1,014 points and snapped a thirteen-session losing streak. However, the contract is still at its 16-month-low level. Average daily earnings for Panamax vessels rose $82 to $9,124.
Among smaller vessels, the supramax index edged up three points to 982 points.
(Reporting by Anmol Choubey in Bengaluru; Editing by Tasim Zahid)