The Baltic Exchange’s dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, fell on Monday, ending a two-session winning streak, as softer capesize rates weighed on the market.
The main index, which monitors rates for capesize, panamax and supramax shipping vessels, was down 41 points, or 3%, to 1,347.
The capesize index lost 130 points, or 6%, to 1,888.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, fell $1,080 to $15,656.
Iron ore futures fell on Monday, pressured by weaker-than-expected economic data from top consumer China and uncertain near-term demand for the steelmaking material.
The panamax index inched up 3 points, or 0.2%, to 1,293.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, gained $27 to $11,635.
Among smaller vessels, the supramax index was up 2 points at 980. Source: Reuters
