The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth-straight session on Monday as capesize vessel rates remained weak.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 34 points, or 2.7 percent, at 1,239 points.
The capesize index lost 96 points, or 4.7 percent, at 1,957 points.
"Capesize rates have continued to soften over the last week to about $14,800 per day, partially reflecting an increase in the number of vessels ballasting to Brazil," analysts at ship broker Clarksons Platou Securities said.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $879 at $14,833.
The panamax index was up two points, or 0.2 percent, at 1,243 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $9 to $10,018.
The supramax index rose two points to 1,071 points.
(Reporting by Harshith Aranya in Bengaluru; Editing by Sriraj Kalluvila)