The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 5 points or 0.5% to 962, its lowest in more than seven weeks.
The capesize index edged up by 2 points to 1,424.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $11 to $11,806.
“Consistent flows from Brazil look set to continue and in conjunction with a tightening Atlantic tonnage list, we could see rates strengthen in the near future,” shipbroker Allied wrote about the capesize segment in a weekly note.
Iron ore futures rose as China’s pledge to provide more support for its flagging economy lifted sentiment, while expectations of a possible steel output cap at the top consumer strengthened steel prices.
The panamax index also shed 15 points or 1.7% to 895,continuing its declining streak for the eighth straight session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined by $132 to $8,054.
Among smaller vessels, the supramax index fell by 4 points to 753.
The Kremlin said it was impossible for Russia to return to the Black Sea grain export deal until an agreement related to Russian interests was honoured.
Source: Reuters reported by Daksh Grover in Bengaluru and edited by Shweta Agarwal
