The Baltic Exchange's dry bulk freight index fell on Monday to an over two-week low, weighed down by weaker rates in Capesize and Panamax vessel segments.
The main Baltic index fell 81 points, or 2.9 per cent, to 2,671, its lowest since July 2.
The Capesize index lost 208 points, or 5.1 per cent, to 3,889, its lowest since July 2. Average daily earnings for Capesize vessels dropped $1,885 to $31,768.
Iron ore futures fell as seasonal weakness in Chinese steel demand and shrinking mill margins outweighed the tight supply of some lower-grade cargoes after Beijing curbed imports of certain Fortescue products.
The Panamax index was down by 21 points, or 0.9 per cent, at 2,227. Average daily earnings for Panamax vessels fell $191 to $20,045.
Among smaller vessels, the supramax index was up one point, or 0.06 per cent, at 1,738, its highest level since August 2022.
(Reporting by Vedika Thorat in Bengaluru)
