Daily rates for Panamax vessels, that typically haul coal and grains, plunged to the lowest in more than eight weeks as a glut of ships swamps the number of cargoes available for loading.
Returns for Panamaxes, the largest size able to navigate the Panama Canal, lost 2.2 percent, sliding to $7,096 a day, the lowest level since June 7, according to the Baltic Exchange, the London-based publisher of freight rates. That’s the 14th consecutive decline, the longest losing streak since early February, the data show.
