The Baltic Exchange's main sea freight index edged lower on Friday and recorded its weakest monthly performance since April.
The main index or 0.9 per cent, to 1,966 points. It was down about 7.9 per cent for the month. Its last monthly fall was in April, when it posted a 13.3 per cent loss.
The Capesize index lost 16 points, or 0.5 per cent, to 2,929 and logged its biggest monthly fall in six months. Average daily earnings for Capesize vessels decreased $140 to $24,288.
Iron ore futures slid on Friday, weighed down by dwindling demand and rising inventories in top consumer China, but hopes of a trade deal between the world’s two-largest economies kept prices on track for weekly and monthly gains.
The Panamax index fell 28 points, or 1.5 per cent, to 1,821. However, the index climbed 2.5 per cent in October. Average daily earnings for Panamax vessels was down by $254 to $16,389.
Among smaller vessels, the supramax index lost 10 points, or 0.8 per cent, to 1,326.
(Reporting by Pablo Sinha in Bengaluru)