The Baltic Exchange's dry bulk freight index fell for a sixth consecutive session to hit a more than two-month low on Monday, pressured by declining rates for Capesize and supramax vessels.
The main Baltic index slid 34 points, or 1.4 per cent, to 2,490, its lowest since April 15.
The Capesize index was down 102 points, or 2.8 per cent, at 3,538. Average daily earnings for Capesize vessels were down $923 at $28,588.
Iron ore futures traded directionless on the day as rising China hot metal output and demand were weighed against expectations of blast furnace cuts amid squeezed margins.
Among smaller vessels, the supramax index was down two points, or 0.1 per cent, at 1,668, its lowest level since June 15.
The Panamax index rose 14 points, or 0.7 per cent, to 2,124. Average daily earnings for Panamax vessels rose $127 to $19,117.
(Reporting by Sumit Saha in Bengaluru; Editing by Jonathan Ananda)