Panamax bulker spot rates have slid for the fifth consecutive trading day amid lacklustre activity leading up to Christmas.
The weighted time-charter equivalent (TCE) average for the asset class has fallen steadily to $12,169 per day on Tuesday from $13,415 per day on 15 December, according to the Baltic Exchange's Panamax Index (BPI).
"In the Atlantic a modicum of US Gulf activity failed to inspire the pre-Xmas slowdown as the holidays beckoned," the Baltic Exchange said in its daily market assessment.
