31 Jan
On Tuesday, the Baltic Exchange’s dry bulk sea freight index saw its most significant decline in over two weeks. The overall index, covering capesize, panamax, and supramax vessels, dropped by 63 points (4.3%) to 1,397 points. The capesize index fell by 146 points (7.4%) to 1,824 points, its lowest since January 17. Average daily earnings for capesize vessels, transporting 150,000-ton cargoes like iron ore and coal, decreased by $1,207 to $15,130.
This decline was driven by lower iron ore futures due to concerns about China’s indebted property sector, overshadowing optimism from crisis-containment efforts. The panamax index fell by 50 points (3%) to 1,636 points, its most substantial decline in 20 days. Average daily earnings for panamax vessels, carrying 60,000 to 70,000 tons of cargo, decreased by $450 to $14,725.
