The main sea freight index of the London-based Baltic Exchange, which tracks rates for ships carrying dry commodities including iron ore, coal and grain, fell on Wednesday, September 26 amid weak Atlantic trade for small panamax vessels.
The panamax index fell 3.4 percent to 461 points, with average daily earnings down $122 at $3,399, the lowest recorded since 1998. Panamaxes typically transport 60,000-70,000 mt of cargo.
According to international media sources, sellers of imported iron ore cargoes to top global buyer China cut prices for a third day on Tuesday amid signs that end-user demand for steel in China, the world's biggest consumer and producer of the alloy, remains weak despite a recent spike in steel prices.