The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped on Monday, dragged down by losses across all vessels.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 29 points to 1,756 points.
The capesize index dipped 67 points to 3,162 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $557 to $26,220.
Prices of iron ore futures clawed up towards the psychological level of $100 a metric ton on Monday, underpinned by firm near-term demand and revived hopes of further economic stimulus from top consumer China.
The panamax index lost 10 points to 1,202 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $85 to $10,821.
Among smaller vessels, the supramax index lost 10 points to 1,009 points.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Shreya Biswas)
