The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, edged down on Monday, with weakness seen across vessel segments.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 31 points to 2,172 points.
The capesize index snapped a six-day winning run to fall 72 points, or 2.1%, to 3,365.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, fell $601 to $27,903.
Iron ore futures prices advanced as blast furnace steel production increased amid rising demand for building materials ahead of China’s National Day holidays.
Meanwhile, the panamax index lost 23 points, or 1.3%, to 1,822, its lowest since September 5.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $203 to $16,400.
Among smaller vessels, the supramax index lost 3 points, to 1,486 points.
Source: Reuters