Baltic Dry Index Snaps Four-day Winning Streak
The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, snapped its four-day gaining streak on Thursday, as rates declined across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 15 points, or 0.9%, to 1,683.
The capesize index fell 14 points, or 0.6%, to 2,459. The index also snapped a four-day winning streak.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $113 at $20,396.
Iron ore futures prices declined for a third straight session, with the Singapore benchmark falling below the key psychological level of $100 a metric ton, weighed down by resumed talks of steel output curbs in top consumer China.
The panamax index lost 31 points, or 1.9%, to 1,620, posting its lowest level in nearly a month.
Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $280 to $14,581.
Among smaller vessels, the supramax index was down 7 points, or 0.5%, to 1,302.
(Reuters - Reporting by Sherin Elizabeth Varghese; Editing by Shailesh Kuber)