The Baltic Exchange’s main sea freight index, tracking rates for ships ferrying dry bulk commodities, fell for the 11th consecutive session on Thursday, marking its biggest percentage fall in nearly two months, on waning capesize demand.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, slipped 74 points, or 3.4%, to 2,192 points, its biggest one-day percentage fall since July 24.
The capesize index plunged 258 points, or 5.9%, to 4,136 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined by $1,671 to $31,470 .
China’s Dalian iron ore futures stumbled on Thursday, extending losses to a fourth session, on concerns about future demand.
The panamax index fell 37 points, or 1.7%, to 2,052 points, its lowest in more than a month.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $293 to $16,424 .
The supramax index rose by 4 points to 1,296 points.