The Baltic Exchange’s dry bulk sea freight index was mostly flat on Wednesday but headed for a monthly decline, as rates across the three vessel segments logged their worst month since May 2023.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 1 point, or 0.1%, at 1,398 points.

The index shed nearly one-third in January, its biggest monthly decline since May 2023.

The capesize index added 67 points, or 3.7%, at 1,891 points on its best day since Jan. 19 . It still fell 44% for the month.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $550 to $15,680.

Iron ore futures prices hit a more than one-week low, with top consumer China’s persistently weak factory data hitting fragile investor sentiment amid renewed worries over the recovery of the country’s property sector.

The panamax index fell 70 points, or 4.3%, to 1,566 points, marking its biggest daily decrease in three weeks. It was down about 18% in January.

Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, was down by $632 at $14,093.

Vietnam has committed to supply the Philippines with 1.5 to 2 million metric tons of rice annually under an agreement signed this week, the Philippine agriculture department said.

Among smaller vessels, the supramax index was down 6 points at 1,055 points, its worst session in almost two weeks. It also fell nearly 23% for the month.

Meanwhile, attacks on cargo vessels in the Red Sea by Yemen-based Houthi rebels are unlikely to end soon, forcing shipping companies to avoid the route through the Suez Canal, the head of Germany’s Hapag-Lloyd HLAG.DE told reporters.

Source: Reuters reported by Deep Vakil in Bengaluru edited by Vijay Kishore