The Baltic Exchange's dry bulk freight index dipped for the third straight session to a near two-month low on Wednesday as Capesize and Panamax vessel segments dipped.
The main Baltic index slid 17 points, or 0.6 per cent to 2,653, its lowest since April 21.
The Capesize index was down 34 points, or 0.9 per cent, at 3,877, an over two month low. Average daily earnings for Capesize vessel fell $309 to $31,659.
Iron ore futures slumped on Wednesday, as heavy rains in China tempered demand for both steel and steelmaking ingredients.
Sentiment was also dampened by discussions at an industry conference in Singapore that suggested China's appetite for these commodities is unlikely to improve.
The Panamax index fell 43 points, or 1.9 per cent, to 2,223. Average daily earnings for Panamax vessels rose $384 to $20,009.
Among smaller vessels, the supramax index was up 20 points, or 1.2 per cent, at 1,705.
(Reporting by Ishaan Arora in Bengaluru; Editing by Tasim Zahid)