Freight rates for panamax bulk carriers have been on a steady decline over the past two weeks amid several factors, according to analysts.
The Baltic Exchange Panamax Index shows a 21.5% drop in rates since 14 October to 1512.
Meanwhile, time charter average prices for ships in the 82,000-dwt range have dropped 20.7% to $13,109 per day.
Jefferies analyst Randy Giveans gave four reasons why rates have sunk, one being that sentiment on US-China trade is weakening.
