The Baltic Exchange's main sea freight index fell to a more than two-month low on Wednesday, extending its losing streak to eight consecutive sessions weighed down by a decline in Capesize rates, while Panamax rates also weakened.
The main Baltic index fell 134 points, or 4.78 per cent, to 2,667 points, its lowest level since July 29 and its eighth consecutive session of losses.
The Capesize index fell 364 points, or 9.11 per cent, to 3,630 points, its lowest level since late June.
Average daily earnings for Capesize vessels fell $3,302 to $29,417.
Dalian iron ore futures fell on Wednesday as rising blast furnace maintenance in China dampened demand, while higher port inventories in Australia and Brazil pointed to ample supply.
The Panamax index lost 23 points, or 0.95 per cent, to reach 2,409 points.
Average daily earnings for Panamax vessels fell $206 to $21,680.
Among smaller vessels, the supramax index edged up 12 points, or 0.65 per cent, to 1,845 points.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Tasim Zahid)
