The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, extended losses on Monday, as rates across all vessel segments declined.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 44 points, or 2.2%, to 1,979 points, its lowest since November 4.

The capesize index fell 65 points, or about 1.8%, to 3,559 points, its lowest in over a month.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $534 to $29,518.

Dalian iron ore futures extended gains to a fifth session on Monday on tight supply of BHP’s Jimblebar and Jingbao fines, while firmer blast furnace hot metal production in China also lent support.

The panamax index fell for an eighteenth straight day, losing 41 points, or 3.1%, to 1,282 points, its lowest level since June 9.

Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, decreased by $368 to $11,540.

Among smaller vessels, the supramax index lost 29 points to 1,193 points.
Source: Reuters