The Baltic Exchange's dry bulk sea freight index fell for the third consecutive session to a one-week low on Thursday as rates declined across larger vessel segments.
The main index was down 123 points, or 6.6 per cent, at 1,751, the lowest level since June 11.
The Capesize index lost 364 points, or about 10.6 per cent, to 3,078, the lowest in more than a week. Average daily earnings for Capesize vessels decreased by $3,022 to $25,524.
Iron ore futures prices snapped a five-day losing streak on Thursday amid heightened steel production in top consumer China, though gains were partially offset as a protracted crisis in China's property market continued to weigh on demand prospects.
The Panamax index fell 25 points, or 1.8 per cent, to 1,353. Average daily earnings for Panamax vessels lost $231 to $12,174.
Among smaller vessels, the supramax index gained 14 points to 963, highest level in three weeks.
(Reporting by Anushree Mukherjee in Bengaluru. Editing by Jane Merriman)