The Baltic Exchange’s dry bulk sea freight index fell for the sixth consecutive session on Thursday to mark its worst day since mid-September, as rates slipped across all vessel segments.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 55 points, or about 3%, to 1,818.

The capesize index fell 105 points, or about 4.8%, to 2,094.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel making ingredient iron ore used in construction, fell $876 to $17,365.

Iron ore futures dipped, with the Dalian benchmark hitting a three-week low, as hopes faded for China to relax its stringent zero-COVID policy, while waning demand for the steelmaking ingredient dragged spot prices to an 11-month low.

The panamax index lost 59 points, or 2.8%, to a 10-day low of 2,088.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped $527 to $18,796.

“Some spoke of certain grain trips paying a premium over mineral trades, but a wide bid/offer gap curtailed any decent activity,” shipbroker Fearnleys said on its website, referring to the panamax segment.

The supramax index was down 12 points at 1,696.

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday after rates for bigger vessel segments snapped their losing streaks, with capesize seeing its best day in over two years.

The overall index, which factors in rates for capesize, panamax, supramax shipping vessels, was up 37 points, or 3.8%, at 1,002 points. It was the index’s best day in 1-1/2 months.

The capesize index snapped a five-session decline, gaining 167 points, or 55.3 %, at 469 points, on its best day since June 2020.

Meanwhile, Dalian iron ore surrendered its gains from an earlier rebound on Thursday, pressured by worries over fresh COVID-19 restrictions and property sector troubles in China squeezing demand for ferrous metals.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose$1,382 to $3,887.

The panamax index snapped an over a month-long losing streak, gaining 13 points, or about 1.1%, at 1,230 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $113 to $11,069.

Earlier on Thursday, Baltic Exchange and Zhengzhou Commodity Exchange inked a memorandum of understanding to work together on research and development of a futures contract settling against the Baltic Panamax Index in China.

Among smaller vessels, the supramax index fell 67 points to 1,559 points, its lowest in over 18 months.

The Baltic Exchange’s main sea freight index fell to a fresh six-month low on Friday and posted its fourth consecutive weekly decline as rates slid across vessel segments.

 

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 79 points, or 5.1%, to 1,477 points. It was down 5.3% on the week.

 

The capesize index lost 224 points, or 14.6%, to a six-month low of 1,314 points. The index fell 6.9% for the week, its fourth straight drop.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,859 at $10,898.

 

Dalian and Singapore iron ore futures fell as traders weighed demand prospects in top steel producer China, plagued by a debt crisis in its real estate industry.

 

The panamax index was down for the 14th straight session, shedding 20 points, or 1%, to 1,907 points, its lowest in more than three weeks. It fell 3.1% for the week in its third consecutive decline.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $178 to $17,161.

 

Maize crop conditions in the EU’s top grain producer France declined steeply last week to their lowest in at least a decade, data from farm office FranceAgriMer showed, due to a worsening drought and heatwave.

 

Meanwhile, two more ships left Ukraine’s Black Sea ports, including one laden with the first Ukrainian wheat to be exported under a U.N.-brokered deal, Turkey’s defense ministry said.

 

The supramax index rose for the first time since July 22, adding two points to 1,593 points. However, it shed 6.3% for the week, its third weekly drop.