The Baltic Exchange's dry bulk sea freight index snapped a two-session winning streak on Tuesday and logged a more than two-week low, as declines in Capesize and Panamax vessel rates outweighed gains in the smaller supramax segment.
The main Baltic index was down 63 points, or 2.2 per cent, at 2,815, its lowest level since July 31.
The Capesize index lost 138 points, or three per cent, to 4,452, also its lowest level since July 31.
Average daily earnings for Capesize vessels fell $1,250 to $36,872.
Iron ore futures rose as weak Chinese economic data raised expectations of additional stimulus, offsetting concerns over slowing industrial activity and a steep drop in steel output.
The Panamax index was down 51 points, or 2.3 per cent, at 2,155, its lowest level since August 3.
Average daily earnings for Panamax vessels fell $462 to $19,391.
Among smaller vessels, the supramax index gained three points, or 0.2 per cent, to 1,631, its highest level since July 28.
(Reporting by Vedika Thorat in Bengaluru; Editing by Sahal Muhammed)