The Baltic Exchange’s main sea freight index recorded its lowest level in two weeks on Monday as demand fell across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 23 points, or 2.1%, to 1,068.
The capesize index dipped 53 points, or 3.1%, to 1,651, declining for the sixth consecutive session.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $441 to $13,692.
Dalian and Singapore iron ore futures slipped, as traders became cautious of faltering demand after China’s top steelmaking hub Tangshan ordered local steel mills to reduce production as part of efforts to improve air quality.
The panamax index was down 16 points, or 1.6%, at 1,014 — hitting its lowest level since Feb. 22.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $143 to $9,130.
Among smaller vessels, the supramax index fell 2 points to 747.
Source: Reuters reported by Ananya Bajpai in Bengaluru and edited by Shilpi Majumdar
