The Baltic Exchange's main sea freight index extended declines and fell to a more than seven-week low on Monday due to lower demand for Capesize vessels.
The main Baltic index fell 65 points, or 2.23 per cent, to 2,852 points, its lowest level since August 21.
The Capesize index fell 192 points, or 4.42 per cent, to 4,148 points, its lowest level since late July.
Average daily earnings for Capesize vessels fell $1,745 to $34,115.
Iron ore prices seesawed on Monday, as expectations of restocking by Chinese steel makers following a week-long holiday were countered by the prospect of increased supply.
The Panamax index gained eight points, or 0.33 per cent, to reach 2,432 points.
Average daily earnings for Panamax vessels rose $75 to $21,888.
Among smaller vessels, the supramax index increased seven points, or 0.39 per cent, to 1,821 points.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Shreya Biswas)
