The Baltic Exchange’s dry bulk sea freight index fell for the ninth straight session on Tuesday, hovering near an eight-month low, tracking a retreat across its vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 77 points, or 3.3%, to 2,294, its lowest since April 14.

“It seems that the overall market has already entered a correction path just a breath before the close of the year,” Allied Shipbroking said in a weekly note

The capesize index dropped 144 points, or 5.1%, to 2,663, its lowest since June 9.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,195 to $22,088.

Iron ore prices scaled multi-week highs, with benchmark futures in Dalian and Singapore rising for a fourth straight session, underpinned by hopes of improved demand for the steelmaking ingredient in top steel producer China.

The panamax index fell 45 points, or 1.9%, to 2,311, its lowest level in a month.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $408 to $20,796.

The supramax index lost 53 points and fell to its lowest in three weeks at 2,383.

Source: Reuters