The Baltic Exchange's dry bulk sea freight index fell to a more than two-week low on Tuesday as vessel rates declined across the board, even as the index marked a second consecutive quarterly gain.
The main index fell 86 points to 2,134 points, its lowest since September 12. However, it was up 5.4 per cent for the month and 43.3 per cent for the quarter.
The Capesize index dropped 219 points to 3,305 points, a near two-week low, but gained about 13 per cent for the month. Average daily earnings for Capesize vessels decreased by $1,823 to $27,405.
Iron ore futures prices fell, pressured by weak China manufacturing data, but logged solid quarterly gains as robust export-driven rallies in July and August outweighed recent declines.
The Panamax index fell to a near one-month low, losing 42 points to 1,776 points, its lowest since September 4. Meanwhile, the index slipped 3.8 per cent for the month. Average daily earnings for Panamax vessels fell by $373 to $15,985.
Among smaller vessels, the supramax index was down five points at 1,473 points, its lowest since September 8.
(Reporting by Pablo Sinha in Bengaluru; Editing by Shailesh Kuber)