The Baltic Exchange's main sea freight index fell to a more than three-week low on Monday, pressured by weaker vessel rates across all segments.
The main index, which tracks rates for Capesize, Panamax and supramax shipping vessels, fell 21 points, or 1.1 per cent, to 1,945 points, its lowest level since October 10.
The Capesize index lost 41 points, or 1.4 per cent, to 2,888.
Average daily earnings for Capesize vessels decreased $333 to $23,955.
Iron ore futures prices softened on Monday, weighed down by declining steel production in China, rising port inventories, and concerns over weakening downstream demand.
The Panamax index fell 20 points, or 1.1 per cent, to 1,801, marking its sixth consecutive session of losses.
Average daily earnings for Panamax vessels was down by $182 to $16,207.
Among smaller vessels, the supramax index lost six points, or 0.5 per cent, to 1,320.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Vijay Kishore)