For the capesize market, rates are also seen remaining under pressure due to ample supplies and limited demand, shipbrokers said.
Panamax/Supramax
The rate for panamax vessels travelling via the transpacific route tumbled to a two-month low of $10,907 a day from $13,631 a day last week on slowing seaborne activity from India.
"Rates in the Far East continued to drop," said broker firm ICAP. "We noticed a severe lack of enquiries out of India ... which will further put rates for that market under pressure."
India's iron ore exports have fallen sharply in the last year because of a continuing ban on shipments by its key Karnataka state.
The federal government has also hiked export taxes to keep more of its iron ore for use by India's steel producers.
For the supramax market, the rate for shipments from Australia to Japan and South Korea, two major coal importers, dropped to a one-month low of $14,709 a day from $15,014 last week. (Reuters)
