A bellwether of the global shipping market has hit an all-time low as the spread of the coronavirus weighs on global trade.

The fast-spreading virus and uncertainty around its impact on the world’s economy have rocked markets and sent commodities prices to multi-month lows in recent days. That has added pressure to shipping freight rates—the price at which cargo is delivered from one point to another—for the world’s largest raw materials ships, known as capesize vessels.

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