The Baltic Exchange's dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, 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 INDEX:BDI, which tracks rates for capesize, panamax and supramax vessels, slid 34 points, or 1.4%, to 2,490, its lowest since April 15.
The capesize index (.BACI) was down 102 points, or 2.8%, at 3,538.
Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes including iron ore and coal, 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 (.BSIS) was down 2 points, or 0.1%, at 1,668, its lowest level since June 15.
The panamax index (.BPNI) rose 14 points, or 0.7%, to 2,124.
Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000 to 70,000 tons of coal or grain, rose $127 to $19,117.