The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday to mark it worst week since mid-February as demand waned across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 28 points, or 1.9%, to 1,435.
The index was down 8% for the week — its biggest weekly percentage fall since Feb. 17.
The capesize index shed 38 points, or 2%, to 1,850. The index was down 9.4% for the week - its worst since the week ended March 31.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $313 to $15,344.
Iron ore futures wobbled and are on track for their second consecutive weekly fall amid mounting concerns about demand for the steel-making ingredient in top steel producer China.
The panamax index fell 45 points, or 2.6%, to 1,702. The index was down 8.1% for the week its lowest since week ending March 24.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $407 to $15,317.
Among smaller vessels, the supramax index lost 9 points at 1,096.
(Reuters - Reporting by Ananya Bajpai in Bengaluru; Editing by Pooja Desai)