<\/p>\n
The Baltic Exchange’s main sea freight index slipped to its lowest in nearly three weeks on Wednesday, dragged by a drop in demand for the larger capesize vessel segment.<\/p>\n
<\/p>\n
The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down for a fourth straight session, and dipped by 119 points, or 7.2%, to 1,540, its lowest since Jan. 7.<\/p>\n
<\/p>\n
The capesize index which extended its losing streak to five sessions, fell 352 points, or 14.1%, to 2,145, a near three-week low.<\/p>\n
<\/p>\n
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dropped $2,919 to $17,790.<\/p>\n
<\/p>\n
“This week, rates reversed to a downward trend with softening physical demand in both the Atlantic and the Pacific, while China’s congestion levels have been easing,” ship broker Intermodal said about the capesize segment in a weekly research note.<\/p>\n
<\/p>\n
China’s iron ore futures dipped on Wednesday, weighed down by concerns over a likely reduction in output by steel mills hit by losses due to high production costs and weak demand.<\/p>\n
<\/p>\n
“Market participants expect a softening of restocking activities ahead of the Chinese New Year,” Intermodal said.<\/p>\n
<\/p>\n
The panamax index was down 15 points, or about 1%, at 1,645.<\/p>\n
<\/p>\n
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, slid $136 to $14,807.<\/p>\n
<\/p>\n
The supramax index rose 5 points to 1,163, a peak since late-October 2019.<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
(Reporting by Bharat Govind Gautam; Editing by Ramakrishnan M.)<\/em><\/p>\n maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":" The Baltic Exchange’s main sea freight index slipped to its lowest in nearly three weeks on Wednesday, dragged by a drop in demand for the larger capesize vessel segment. The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down for a fourth straight session, and dipped by …<\/p>\n","protected":false},"author":1,"featured_media":24976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[1559,1399,1560,3899],"class_list":["post-24975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-baltic","tag-falls","tag-index","tag-threeweek"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/24975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=24975"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/24975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/24976"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=24975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=24975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=24975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}