The Baltic Exchange’s dry bulk sea freight index remained largely unchanged on Wednesday, signaling a monthly decrease as rates in all three vessel segments experienced their sharpest drop since May 2023.
The overall index, which considers rates for capesize, panamax, and supramax shipping vessels, saw a minimal increase of 1 point, or 0.1%, reaching 1,398 points. However, January saw a significant downturn, with the index plummeting nearly one-third, marking its most substantial monthly decline since May 2023.
Capesize vessels witnessed a slight improvement, with the index rising by 67 points, or 3.7%, marking its best performance since January 19. Despite this, it recorded a staggering 44% decrease for the month. Average daily earnings for capesize vessels, known for transporting hefty cargoes like iron ore and coal, saw a modest increase.
On the other hand, the panamax index experienced a sharp decline of 70 points, or 4.3%, representing its most substantial daily decrease in three weeks. Similarly, it faced an 18% decrease in January, with average daily earnings for panamax vessels seeing a notable drop.
Supramax vessels also faced challenges, with the index down 6 points, marking its worst session in almost two weeks. It recorded a significant 23% decrease for the month.
