The Baltic Exchange’s dry bulk sea freight index was little changed on Thursday, as gains in smaller vessel segments countered weaker capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 1 point, or 0.1%, at 1,581 points.

The capesize index shed 42 points, or 1.7%, to 2,394 points.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $351 to $19,850.

The panamax index rose for an eighth straight session. It added 41 points, or 2.6%, to 1,623 points.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, was up by $370 at $14,607.

The overall panamax market tone remains cautiously optimistic, shipbroker Fearnleys wrote in Wednesday’s weekly note.

“Vessel counts to Australia, Indonesia, and Russia have reached near all-time highs, suggesting an imminent rally based on average seasonal patterns,” the note added.

Among smaller vessels, the supramax index rose by 6 points at 1,058 points.

Greece-headquartered Star Bulk will halt sailings through the Red Sea after Yemen’s Iran-aligned Houthis attacked two of its ships in recent days, the group’s CEO said on Tuesday.

Source: Reuters reported by Anjana Anil in Bengaluru