Average spot rates across dry bulk shipping remain above the historical norm despite slight declines, but the futures market indicates further weakening as China’s economy continues to stumble.

November contracts for capesizes slipped 1.88% to $12,889 per day on Tuesday, while December contracts fell 1.48% to $11,829 per day, according to the Baltic Exchange.

Forward freight agreements for panamaxes in November dropped 3.68%