The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, snapped a four-day winning streak on Monday, pressured by declining capesize vessel rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 20 points, or 1%, to 2,084 points.
The capesize index lost 78 points, or 2.3%, to 3,263 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $646 to $27,063.
Iron ore touched multi-month lows on Monday amid concerns over demand in top consumer China and rising portside ore inventories, although falling shipments helped pare some losses in the afternoon trading.
Meanwhile, China’s transport ministry said on Monday that it will suspend port fees levied on U.S.-linked vessels for a year.
The panamax index gained 12 points, or 0.7%, to 1,845 points, its highest since October 30.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose by $100 to $16,601.
Among smaller vessels, the supramax index gained 8 points to 1,327 points. Source: Reuters
