On Wednesday, the Baltic Dry Index continued its decline, adding to Tuesday’s biggest daily drop since 1984. Weaker demand across vessel segments arising from China’s ongoing battle with Covid-19, the weakness in the Chinese real estate development sector, and continued concerns of a global economic recession weighing on commodity demand drove the index down.

On Tuesday the index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 265 points, for a 17.5% decline to 1,250.

The capesize index fell 626 points, for a 27.7% decline to 1,635, marking its worst day in four months. The average daily earnings for capesizes, which are typically 150,000 ton cargoes made up of commodities such as steelmaking iron-ore, or coal, dropped $5,188 to $13,561.

The panamax index dropped 97 points, for a 6.3% decline, to 1,438, its lowest reading since September 6th. Average daily panamax earnings, which are usually for 60,000 to 70,000 ton shipments of coal or grain, fell $869 to $12,944.

The supramax index fell 94 points to $968, its lowest reading in over two years.

On Wednesday, the overall index continued to fall 74 points for a 5.9% drop to 1,176.

The capesize index fell 119 points for a 7.3% decline to 1,516, its lowest reading in over four weeks. The average daily earnings for capesizes decreased $986 to $12,575.

The panamax index dropped 60 points, for a 4.2% decline to 1,378, the lowest reading since September 5th. Average daily earnings for panamax shipments, fell $544 to $12,400.

The supramax index lost 56 points to $912, for the lowest reading in over two years.