Bulk Carriers: Baltic Dry Index Down for Third Straight Day
The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, slipped for a third straight session on Monday, weighed down by weaker rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 15 points, or 0.9%, to 1,655.
The capesize index fell 24 points, or about 1%, to 2,413.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, declined $205 to $20,008.
Prices of iron ore futures slid on Monday, dragged down by heightened supply pressure while steel demand in top consumer China has been weakened by soft construction activity.
The panamax index lost 15 points, or 0.9%, to 1,584, its lowest level in a month.
Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $131 to $14,257.
Among smaller vessels, the supramax index was down 7 points, or 0.5%, at 1,294.
(Reuters - Reporting by Brijesh Patel; Editing by Shailesh Kuber)