The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, fell to a more than two-week low on Monday, weighed down by lower rates across the large vessel segments.
The main index BDI, which tracks rates for capesize, panamax and supramax shipping vessels, fell 48 points, or 2.38%, to 1,970 points, its lowest since July 16.
The capesize index (.BACI) slipped 138 points, or 4.2%, to 3,158.
Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, shed $1,144 to $26,187.
Iron ore futures prices climbed, helped by firm near-term demand, falling portside stocks and healthy steel margins in top consumer China, although expectations of rising supply capped further gains.
The panamax index (.BPNI) lost 11 points, or 0.7%, to 1,633, a near four-week low.
Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, were down by $102 to $14,696.
Among smaller vessels, the supramax index (.BSIS) was up 1 point, or 0.08%, at 1,270.
Source: Reuters