The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, slid more than 7% to its lowest in over four months on November 6 as demand languished across all vessel segments.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 123 points, or 7.4%, to 1,533, its lowest since July 2.
The capesize index slumped 249 points, or 8.4%, to 2,726, its lowest in more than four months.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $2,395 to $22,217.
The capesize index is down on lower Brazilian wholesale iron ore exports to China, a key shipping route for the index", a shipping analyst based in Oslo said.
Shanghai stainless steel futures settled below the 15,000 yuan/t level for the fourth straight session on November 6 as concerns persisted over high inventory and weak demand in top producer China.
The panamax index has weakened due to a seasonal slowdown in grain activity from South America, coupled with a fall in U.S. soybean imports to China due to the ongoing trade tensions, the analyst added.
The panamax index dropped 51 points, or 3.6%, to 1,385, extending its losing streak to a 17th consecutive session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $404 to $11,125.
The supramax index shed 48 points to 926 points.
(Writing by Tammy Yang Editing by Jessie Jia)
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