The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to a more than one-month low on Thursday as rates dropped across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, continued its decline for the eleventh session, falling 1.1% or 16 points to 1,385.

The capesize index was 0.8% or 16 points down to 1,883 – the lowest since September 18.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $138 to $15,613.

Iron ore extended gains for a second consecutive session due to a growing appetite for the fundamentally healthy steelmaking ingredient, although the momentum slowed on the risk of demand easing in top consumer China.

The panamax index declined 1.9% or 28 points at 1,461, its lowest intwo months.

Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, fell $252 to $13,146.

“The panamax market is facing a downturn due to a lack of demand and increasing vessel supply, particularly in the Atlantic, with cargo volumes low and rates falling”, shipbroker Fearnleys wrote in a weekly note on Wednesday.

Among smaller vessels, the supramax index was down for the ninth consecutive session. It slipped 1% or 11 points to 1,108.

Source: Reuters reported by Tina Parate in Bengaluru and edited by Tasim Zahid