The Baltic Exchange's dry bulk freight index fell on Tuesday to its lowest level in more than three weeks, pressured by lower rates across all vessel segments.
The main Baltic index fell 32 points, or 1.2 per cent, to 2,664, its lowest level since July 2.
The Capesize index fell 60 points, or 1.4 per cent, to 4,140, its lowest level since July 22. Average daily earnings for Capesize vessels fell by $539 to $34,048.
Dalian iron ore futures fell for a third session on Tuesday, as steel mills in top consumer China remained shut for maintenance after receiving production restriction notices, although a pullback in global shipments limited losses.
The Panamax index fell 11 points, or 0.6 per cent, to 1,988, hitting its lowest level since late April. Average daily earnings for Panamax vessels fell $94 to $17,896.
Among smaller vessels, the supramax index was down 22 points, or 1.3 per cent, at 1,648, its lowest level since June 12.
(Reporting by Vedika Thorat)