The capesize/panamax ratio is at an all-time low, the Singapore Exchange has noted in a recent report.

"In recent weeks, persistent weakness in the capesize market and rising rates in the panamax market have driven the capesize/panamax ratio to an all-time low," the exchange noted.

The ratio of the Baltic Capesize/Panamax indices has plunged to 0.37x, well below its last-twelve-month average of 1.36x, and an average of 1.56x over the past decade.