The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, fell to a more than three-week low on Monday, pressured by weaker vessel rates across all segments.
The main index, which tracks rates for capesize, panamax and supramax shipping vessels, fell 21 points, or 1.1%, to 1,945 points, its lowest level since October 10.
The capesize index lost 41 points, or 1.4%, to 2,888.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $333 to $23,955.
Iron ore futures prices softened on Monday, weighed down by declining steel production in China, rising port inventories, and concerns over weakening downstream demand.
The panamax index fell 20 points, or 1.1%, to 1,801, marking its sixth consecutive session of losses.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was down by $182 to $16,207.
Among smaller vessels, the supramax index lost 6 points, or 0.5%, to 1,320.
Source: Reuters