The Baltic Exchange's dry bulk sea freight index reached a three-week low, driven by a significant drop in rates for larger capesize shipping vessels. The overall index, considering capesize, panamax, and supramax vessels, fell 2.6%, marking a 60-point decline at 2,288. Capesize index recorded a 4.3% drop at 3,936, also hitting a three-week low, leading to a decrease in average daily earnings for capesizes. In contrast, the panamax index saw a 0.3% rise, breaking a two-week decline, while supramax index continued its ninth consecutive session of losses. The shipping industry in Europe faced disruptions due to attacks by the Iran-aligned Houthi group in the Red Sea, prompting rerouting around the Cape of Good Hope to avoid the Suez Canal.

SOURCE:GOOGLE