The Baltic Exchange's dry bulk sea freight index was relatively unchanged on Wednesday as gains across Panamax vessels offset declining Capesize rates.
The main index fell two points, or 0.1 per cent, at 2,092 points.
The Capesize index snapped a four-day winning streak, losing 25 points, or 0.8 per cent, to 3,159 points. Average daily earnings for Capesize vessels decreased by $205 to $26,199.
Iron ore futures prices drifted higher on Wednesday, as bets that easing US-China trade tensions and Beijing unveiling more stimulus measures to support economic growth outweighed concerns over rising ore supply and diminishing steel demand.
"The Capesize sector was notably turbulent as China’s newly announced port charges on US-linked ships initially drove bullish expectations, only for sentiment to reverse once exemptions for Chinese-built vessels were clarified," analysts at Intermodal said in a weekly note on Tuesday.
The Panamax index hit an over one-month high, adding 46 points, or 2.5 per cent, to 1,904 points. Average daily earnings for Panamax vessels rose by $420 to $17,138.
Among smaller vessels, the supramax index fell 17 points to 1,397 points.
(Reporting by Pablo Sinha in Bengaluru)
