The Baltic Exchange's main sea freight index fell to its lowest level in nearly a week on Monday, pressured by weaker rates across all vessel segments.
The main Baltic index was down 66 points, or 2.43 per cent, to 2,648 points, its lowest since October 27.
The Capesize index fell by 163 points, or 3.95 per cent, to 3,963 points.
Average daily earnings for Capesize vessels decreased by $1,476 to $32,441.
Iron ore prices stabilised on Monday on a smaller-than-expected cut in demand for the key steelmaking ingredient in top consumer China, where its price has been weighed down in the last couple months over market expectations of a fourth quarter supply glut.
The Panamax index extended its losing streak to 14 consecutive sessions, and fell 15 points, or 0.79 per cent, to 1,874 points — its lowest level since April 13.
Average daily earnings for Panamax vessels fell by $132 to $16,867.
Among smaller vessels, the supramax index inched down nine points, or 0.48 per cent, to 1,856 points, hitting its lowest since October 15.
(Reporting by Vishak Mathew in Bengaluru; Editing by Vijay Kishore)