The Baltic Exchange’s dry bulk sea freight index fell on Monday to mark its worst day in almost three weeks, pressured by lower rates for larger capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 25 points or about 1.8% to 1,361, its biggest percentage loss since Nov. 22.
The capesize index shed 64 points, or about 3.8%, at 1,619.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $533 to $13,424.
Iron ore futures dipped on Monday, retreating from a six-month peak, although Shanghai steel benchmarks held firm on demand hopes after China relaxed its COVID-19 containment policy.
The panamax index fell 16 points, or about 1% to 1,643, to mark its worst day in more than two weeks.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $138 to $14,789.
The supramax index inched one point higher at 1,153.