The Baltic Exchange’s dry bulk sea freight index slipped to its lowest level in more than a month on Monday as rates declined across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 88 points, or 4.2%, to 2,022, its lowest since Nov. 23.
The capesize index snapped a five-session winning streak, dropping by 199 points, or 5.2%, to 3,599.
Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes such as iron ore and coal, decreased $1,646 to $29,851.
Iron ore futures declined for a third consecutive session to hit their lowest level in a week, as some investors unwound long positions to book profits amid contracting demand and steel margins.
The panamax index fell 61 points, or 3.7%, to 1,605, lowest since mid-November.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, slipped by $544 to $14,449.
Among smaller vessels, the supramax index was down for the 18th straight session. It fell 18 points to 1,194.
Shippers across the world are switching away from the Red Sea – and so the shortest route from Asia to Europe via the Suez Canal – after Iranian-backed Houthi militants in Yemen stepped up attacks on vessels in the Gulf region to show their support for Palestinian Islamist group Hamas fighting Israel in Gaza.
Source: Hellenic Shipping News
