Baltic Dry Index slips as Capesize shipping rates weaken
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The Baltic Exchange's Dry Bulk Index edged lower on Wednesday, ending a recent run of gains as weaker performance in the Capesize segment put pressure on freight rates.
The main index, which tracks shipping costs for dry bulk commodities, fell 47 points, or 1.7 per cent, to 2,771 points.
The decline was driven by the Capesize market, where rates softened during the session.
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The Capesize index dropped 140 points, or 3.2 per cent, to 4,301 points. Average daily earnings for Capesize vessels also declined, falling by USD 1,267 to USD 35,504 per day.
Capesize ships are typically used to transport large volumes of commodities such as bauxite ore, iron ore and coal on major global trade routes.
The latest drop in rates suggests some cooling in demand for larger bulk carriers, which had been supporting the dry bulk market in recent weeks.
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