The Baltic Exchange's main sea freight index fell for a fifth-straight session on Tuesday, to hit a near one-month low, as demand for Capesize vessels slipped.
The main index eased 31 points, or 2.1 per cent, to 1,458 points, its lowest level since June 3.
The Capesize index dropped 100 points, or 4.7 per cent, to 2,011 points, lowest since May 28. Average daily earnings for Capesize vessels decreased by $833 to $16,677.
Iron ore futures declined as disappointing factory data and persistent property sector woes in top consumer China dampened sentiment.
China's manufacturing activity shrank for the third straight month in June, though at a slower pace. However, business sentiment remains subdued.
The Panamax index was flat at 1,500 points. Average daily earnings for Panamax vessels decreased by $4 to $13,498.
Among smaller vessels, the supramax index added six points to 1,018 points.
(Reporting by Sarah Qureshi in Bengaluru; Editing by Tasim Zahid)