The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday, hitting its lowest level in nearly 17 months, as rates dipped across all vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 25 points to 1,028 points, hitting its lowest level since July 2023.

The capesize index shed 71 points to 1,237 points, also hitting its lowest level since Sept. 2023. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $587 to $10,261.

Iron ore futures prices slipped on Wednesday, as supply concerns eased and demand slowed marginally due to maintenance of more furnaces by steelmakers in top consumer China. 

The panamax index edged down 2 points to 957 points, its lowest level since July 2023. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $11 to $8,616.

Among smaller vessels, the supramax index .BSIS was down 2 points at 947 points, its lowest level since August last year.