The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, fell to a more than two-week low on Monday, pressured by losses across all vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 15 points, or 0.8%, to 1,976 points, its lowest since October 10.

The capesize index fell for its fourth straight session, losing 33 points, or 1.2%, to 2,838 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $277 to $23,534.

Iron ore futures prices climbed on Monday to their highest in nearly two weeks, as optimism over easing trade tensions between China and the United States, the world’s two largest economies, outweighed demand concerns in top consumer China.

U.S. President Donald Trump is set to meet President Xi Jinping in South Korea on Thursday, where fees imposed on port calls by China and the U.S. on each other is set to be a major talking point.

Meanwhile, the panamax index snapped a 14-day winning streak, losing three points, or 0.2%, to 1,921 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $26 to $17,292.

Among smaller vessels, the supramax index lost eight points to 1,361 points.
Source: Reuters