The Baltic Exchange’s dry bulk freight index, which tracks rates for vessels transporting dry bulk commodities, fell for the sixth straight session on Monday, pressured by losses in vessel rates across the board.

The main index, which tracks rates for capesize, panamax and supramax vessels, lost 29 points, or 1.7%, to 1,659, its lowest since July last year.

The capesize index fell 66 points, or 2.5%, to 2,574, hitting a six-month low.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $606 to $19,838.

Iron ore futures edged higher on Monday as top consumer China’s latest pledge to roll out a package of polices to spur domestic consumption lifted sentiment.

Meanwhile, the panamax index snapped a seven-day winning streak, losing 5 points, or 0.4%, to 1,340.

Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, decreased $50 to $12,058.

Among smaller vessels, the supramax index lost 7 points to 960.
Source: Reuters