The Baltic Exchange's main sea freight index fell on Wednesday as rates fell across vessel segments with the capesize index recording its biggest monthly percentage decline in two years.
The overall index, which tracks rates for ships carrying dry bulk commodities, was down 39 points, or 3.27 percent, at 1,152 points. This represented its biggest daily percentage fall since Jan. 17.
Baltic index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost more than 15 percent this month, its biggest monthly percentage decline since May last year.
The capesize index fell 135 points, or 7.72 percent, to 1,613 points. It slumped 43 percent this month, most since January 2016.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $939 at $12,727.
The panamax index shed 39 points, or 2.69 percent - its biggest one-day percentage fall in four weeks - to 1,411 points. It gained 1.1 percent this month, after falling for the previous two months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $313 to $11,309.
Among smaller vessels, the supramax index shed 5 points to 884 points and the handysize index lost 8 points to 558 points.
Reporting by Sumita Layek in Bengaluru