The Baltic Exchange’s main sea freight index fell to its lowest in nearly three weeks on Monday, on weaker demand across all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels carrying dry bulk commodities, was down 36 points, or 2.3%, at 1,522 points in its third consecutive decline.

The capesize index lost 71 points, or 2.9%, to a 10-day low of 2,385 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $590 to $19,777.

Dalian and Singapore iron ore futures rose with signs of improvement in downstream demand and expectations of a raft of stimulus policies to be rolled out in the world’s second-largest economy China.

The panamax index was down 36 points, or 2.6%, at an 11-week low of 1,366 points, logging its 14th straight daily decline.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slide $328 at $12,291.

Ukraine cannot rule out that a deal allowing the safe Black Sea export of Ukrainian grain will end on May 18, when it is due to expire, and no additional talks are planned this week, a foreign ministry official said.

Among smaller vessels, the supramax index fell seven points to 1,098 points.

Source: Reuters