The overall index, which factors in rates for capesize, panamax and supramax vessels, lost 65 points, or 2.8%, to 2,229, its lowest since April 14

Rates for the vessels have further eroded into the current week ahead of the holidays, shipbroker Intermodal said in a weekly note dated Tuesday.

The capesize index fell 208 points, or 7.8%, to its lowest since June 8 at 2,455.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,725 to $20,363.

Benchmark Dalian and Singapore iron ore futures fell as concerns over COVID-19 curbs in China and the approaching off-season for construction activity in the world’s biggest steel producer soured sentiment.

The panamax index added 73 points, or 3.2%, to 2,384, ending a 10-session losing streak.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $664 to $21,460.

The supramax index shed 46 points to its lowest in over three weeks at 2,337.

Source: www.marinelink.com

Image: www.pexels.com

The post Dry Bulk: Capesize Rates Hit Lowest in Seven Months appeared first on Cargo News Today.