The Baltic Exchange's main sea freight index fell to its lowest level in more than three months on Thursday, weighed down by lower rates for larger vessels.
The main Baltic index fell 122 points, or 4.57 per cent, to 2,545 points, its lowest level since June 30 and its ninth consecutive session of losses.
The Capesize index fell 308 points, or 8.48 per cent, to 3,322 points, its lowest level since early April.
Average daily earnings for Capesize vessels fell $2,792 to $26,625.
Iron ore prices slipped for a third straight session on Thursday to their lowest level in more than two years, weighed down by persistent concerns over weak demand in top consumer China and prospects of growing supply of the key steelmaking ingredient.
The Panamax index lost 53 points, or 2.20 per cent, to reach 2,356 points.
Average daily earnings for Panamax vessels fell $480 to $21,200.
Among smaller vessels, the supramax index edged up 11 points, or 0.60 per cent, to 1,856 points.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Vijay Kishore)
