The Baltic Exchange's main sea freight index extended losses for a seventh straight session on Tuesday, weighed down by a drop in Capesize rates.
The main Baltic index fell 51 points, or 1.79 per cent, to 2,801 points, its lowest level since August 20 and its seventh consecutive session of losses.
The Capesize index fell 154 points, or 3.71 per cent, to 3,994 points, its lowest level since late July.
Average daily earnings for Capesize vessels fell $1,396 to $32,719.
Iron ore futures fell on Tuesday as ample global supply, elevated Chinese port inventories and declining shipping costs weighed on prices.
The Panamax index was unchanged at 2,432 points.
Average daily earnings for Panamax vessels were steady at $21,886.
Among smaller vessels, the supramax index edged up 12 points, or 0.66 per cent, to 1,833 points.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Jochelle Mendonca)