The Baltic Exchange's main sea freight index fell to its lowest level in more than two weeks on Tuesday, pressured by weaker rates across all vessel segments.
The main Baltic index was down 58 points, or 2.19 per cent, to 2,590 points — its lowest since October 19.
The Capesize index fell by 142 points, or 3.58 per cent, to 3,821 points, falling to its lowest level in a week.
Average daily earnings for Capesize vessels decreased by $1,293 to $31,148.
Iron ore prices lost ground on Tuesday, dragged down by rising supply from major suppliers and sluggish demand for the key steelmaking ingredient in top consumer China.
The Panamax index extended its losing streak to 15 consecutive sessions and inched down eight points, or 0.43 per cent, to 1,866 points — its lowest level since April 13.
Average daily earnings for Panamax vessels fell by $76 to $16,791.
Among smaller vessels, the supramax index fell 10 points, or 0.54 per cent, to 1,846 points, hitting its lowest since October 14.
(Reporting by Vishak Mathew in Bengaluru; Editing by Joyjeet Das)