The Baltic Exchange’s main sea freight index fell nearly two weeks on Tuesday as rates across its vessel segments declined.

The overall index, which factors in rates for Capesize, Panama, and supramax shipping vessels, shed 53 points, or 2.5%, to 2,061 points, the lowest since July 14.

The Capesize index fell for the second straight session, losing 141 points, or 5.4%, to 2,455 points, a nearly two-week low.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,167 at $20,359.

“The biggest headache moving forward will likely come from the faltering iron ore trade, with China’s latest move in establishing a giant mineral resource group to give it larger control over global iron ore pricing,” said George Lazaridis, head of research and valuations for Allied Shipping Research, about Capesize rates in a weekly note.

The creation of the China Mineral Resources Group, Lazaridis added, “is poised to create a further loss in bargaining power for global traders as well as those operating within those supply chains.”

The Panamax index was down 12 points, or 0.57%, at 2,088 points, snapping a five-session winning streak.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $110 to $18,790.

Meanwhile, the first shipments of Ukrainian grain could leave Black Sea ports within days under a U.N.-brokered deal to tackle a global food crisis that has worsened since Russia invaded its neighbor, the United Nations, and Ukraine said on Monday.

The supramax index fell by 8 points to 2,071 points, its lowest in nearly a week.

Marex Media