The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, extended losses on Monday, weighed down by weaker rates across all vessel segments.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for its third straight session, losing 33 points, or 1.2%, to 2,694 points.
The capesize index lost 70 points, or about 1.4%, to 5,013 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $580 to $41,571.
Iron ore futures slipped on Monday, as sagging demand in top consumer China, along with increasing equipment maintenance and the lack of new stimulus measures from the country’s top decision-making body, weighed on sentiment.
The panamax index fell by 24 points, or 1.3%, to 1,813 points, its lowest level since November 5.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $217 to $16,313.
Among smaller vessels, the supramax index lost 6 points to 1,430 points.
Source: Reuters
