The Baltic Exchange's dry bulk sea freight index, encompassing capesize, panamax, and supramax vessels, declined by 1.1% to 2,411 points, marking the second consecutive session of lower rates. Capesize vessels, transporting substantial cargoes like iron ore, experienced a 0.7% drop, with average daily earnings decreasing to $35,463. Panamax rates hit their lowest since mid-November, falling by 2%, while supramax vessels dropped to their lowest level in two weeks. The North Atlantic market softened due to a surplus of vessels, empowering charterers in rate negotiations, contrasting with the robust performance in the South Atlantic driven by increased activity and higher rates. Chinese iron ore futures also declined amid a lack of new stimulus measures and weaker-than-expected bank lending data.

SOURCE:GOOGLE