Spot earnings on the benchmark capesize route between Brazil and China plunged to the lowest level in 10 months, pulling the Baltic Exchange's index for the sector into a 170 point slump on Wednesday.
Rates on the benchmark Brazil-to-China trade dipped more than 3.8% on one day to $16.67 per tonne.
But on a time charter equivalent (TCE) basis, a round voyage on the trade fell more than 16.6%
