The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, dropped towards an 11-week low on Monday, on lower demand across all vessel types.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 55 points, or nearly 2.5%, to 2,159 points, its lowest since April 20.
The capesize index lost 153 points, or 6.4%, to 2,228 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $1,264 to $18,481.
Meanwhile, Dalian and Singapore iron ore futures tumbled, weighed down by a gloomy demand outlook for the steelmaking ingredient in China, where many steel mills are making losses and cutting production.
The panamax index was down eight points, or 0.32%, at a 19-week low of 2,469 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $78 to $22,219.
The supramax index fell eight points to 2,282 points, its lowest since Feb. 15.