The Baltic Exchange’s main sea freight index slumped to its lowest level in over two-months on Tuesday as rates across all vessel segments declined.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell for a ninth straight session, dropping 17 points, or 1.3%, to 1,348 points – its lowest level since March 8.

The capesize index was down 25 points, or 1.2%, at 2,040 points and hovered close to a one-month low.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $204 to $16,922.

Dalian and Singapore iron ore futures slumped to their lowest in more than a week on Tuesday, extending a retreat after last week’s rally, as pessimism grew over demand prospects in top steel producer China.

The panamax index lost 8 points, or 0.7%, to 1,212 points, falling to its lowest since Feb. 23.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $71 to $10,911.

Among smaller vessels, the supramax index dropped 20 points or about 1.9% to 1,043 points.

Source: Reuters