Dry bulk shipping rates have slid for a second consecutive day as China looks to Australia for a lower-quality iron ore amid supply disruptions in the Americas and South Africa.
The Baltic Exchange Dry Index on Wednesday declined 34 points to 694, after falling 29 points on Tuesday.
Capesize rates on a timecharter equivalent (TCE) basis have also slid over the past two days, falling $525 to $9,556 per day on Tuesday and $36 to $968 per day on Wednesday.
