The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped to a 23-month low on Monday following a decline in rates across all vessel segments.
The overall index, which factors in rates for Capesize, Panamax and supramax shipping vessels, dropped 17 points to 761 points, its lowest since February 2023.
The Capesize index slipped 25 points to 958 points, down to March 2023 levels. Average daily earnings for Capesize vessels lost $210 to $7,946.
Dalian iron ore futures prices climbed on Monday and were set for monthly gains, aided by resilient demand in top consumer China, while US President Donald Trump's recent comments eased concerns about an escalation in US-China trade tensions.
The Panamax index fell 15 points to 759 points, hitting its lowest since May 2020. Average daily earnings for Panamax vessels decreased by $142 to $6,827.
Among smaller vessels, the supramax index was down 10 points at 629 points, its lowest since February 2023.
(Reporting by Sarah S Qureshi in Bengaluru; Editing by Vijay Kishore)