The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, fell on Monday to snap a seven-session winning streak, weighed down by lower rates for capesize and panamax vessels.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, lost 36 points, or 1.8%, to 2,016 points.

The capesize index fell 103 points, or 3.3%, to 2,981.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $855 to $24,720.

Iron ore futures surged to their highest levels in nearly five months on Monday, buoyed by the announcement of construction on the world’s largest hydropower dam and firm steel mill margins.

The panamax index fell 4 points, or 0.2%, to 1,915.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $40 to $17,232.

Among smaller vessels, the supramax index was unchanged at 1,346.
Source: Reuters