The Baltic Exchange Index dropped due to a decline in the market for Cape-size vessels.

The Baltic Exchange dry bulk sea freight index fell on Wednesday as the decline in Capesize vessel rates overshadowed gains in Panamax and Supramax vessel rates. The main index monitoring Capesize, Panamax, and Supramax vessel rates dropped by 32 points to 1,374 points. The Capesize vessel rate index fell by 102 points to 1,935 points. The average daily earnings for Capesize vessels decreased by $847 to $16,050. Meanwhile, the Panamax vessel rate index rose by 2 points to 1,362 points. Panamax vessels typically carry 60,000-70,000 tons of coal or grain, with average daily earnings increasing by $19 to $12,257. Among smaller vessels, the Supramax vessel index rose by 4 points to 961 points. Ship brokerage firm Allied stated in their weekly report released on Monday, "The US remains a key hub for global dry bulk trade, with its ports, especially those along the Gulf of Mexico, East Coast, and Great Lakes, handling significant amounts of coal, grain, and iron ore."