The Baltic Exchange's main sea freight index fell on Monday as capesize and panamax rates declined. It dropped to its lowest level in nearly a week, while iron ore prices held in a narrow range.
The Baltic index fell 32 points, or 1.23%, to 2,628 points on Monday. The index, which measures shipping rates for capesize, panamax and supramax vessels, posted its lowest level in nearly a week.
Capesize rates declined. The capesize index decreased 65 points, or 1.71%, to 3,726 points, a near one-week low. Average daily earnings for these vessels, which generally carry 150,000-ton cargoes of iron ore and coal, dropped by $585 to $30,292.
Panamax vessels also lost ground. The panamax index declined 34 points, or 1.61%, to 2,075 points, the segment's lowest level since July 30.
Meanwhile, iron ore prices traded within a narrow range on Monday. Market participants weighed expectations of seasonally weaker demand in China, the world's largest consumer, against possible additional stimulus measures from Beijing.
Source: Investing.com
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