Falling Vessel Rates Push Baltic Dry Bulk Index to Fresh Low

The Baltic Exchange's dry bulk freight index fell to a more than one-month low on Wednesday, weighed down by a decline in Capesize rates, while Panamax rates also weakened.

The main Baltic index fell 65 points, or 2.05 per cent, to 3,113 points, its lowest level since August 27.

The Capesize index dropped 175 points, or 3.43 per cent, to 4,928 points, its lowest since August 25.

Average daily earnings for Capesize vessels decreased by $1,584 to $41,191.

Iron ore futures edged higher after data showed China's factory activity returned to growth in September, while fresh stimulus measures from Beijing further supported market sentiment.

The Panamax index shed six points, or 0.25 per cent, to 2,384 points.

Average daily earnings for Panamax vessels fell by $49 to $21,458.

Among smaller vessels, the supramax index remained unchanged at 1,797 points, its highest level since August 2022.

(Reporting by Vedika Thorat in Bengaluru; Editing by Shailesh Kuber)