The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, extended declines and fell to a more than seven-week low on Monday due to lower demand for capesize vessels.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell 65 points, or 2.23%, to 2,852 points, its lowest level since August 21.
The capesize index fell 192 points, or 4.42%, to 4,148 points, its lowest level since late July.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, fell $1,745 to $34,115.
Iron ore prices seesawed on Monday, as expectations of restocking by Chinese steel makers following a week-long holiday were countered by the prospect of increased supply.
The panamax index gained 8 points, or 0.33%, to reach 2,432 points.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, rose $75 to $21,888.
Among smaller vessels, the supramax index increased 7 points, or 0.39%, to 1,821 points.
(Reuters)