The Baltic Exchange's dry bulk sea freight index fell for a second consecutive session to hit a more than two-week low on Wednesday, weighed down by declines in larger Capesize and Panamax vessel rates.
The main Baltic index was down 39 points, or 1.4 per cent, at 2,776, its lowest level since July 31.
The Capesize index lost 76 points, or two per cent, to 4,376, also its lowest level since July 31.
Average daily earnings for Capesize vessels fell $691 to $36,181.
Iron ore futures rose, supported by renewed supply concerns after wage talks between BHP and Port Hedland workers broke down, even as persistently weak Chinese demand kept the broader outlook bearish.
The Panamax index was down 48 points, or 2.2 per cent, at 2,107, its lowest level since July 31.
Average daily earnings for Panamax vessels fell $427 to $18,964.
Among smaller vessels, the supramax index gained three points, or 0.2 per cent, to 1,634, its highest level since July 28.
(Reporting by Vedika Thorat in Bengaluru; Editing by Vijay Kishore)