The Baltic Exchange’s main sea freight index recorded its lowest level in more than eight weeks on Thursday, as demand fell across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 41 points, or 3.6%, to 1,110.

The capesize index dipped 105 points, or 7.7%, to 1,259, hitting its lowest level since early June.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $872 to $10,443.

Iron ore futures fell on Thursday as traders locked in gains following Singapore prices’ longest rally since June, and as worries persisted over China’s economic slowdown and property sector distress.

The panamax index was down 18 points, or 1.2%, at 1,456 — declining for the fourth consecutive session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $157 to $13,106.

“On the one hand, the coming months might see an upward trend, aided by the U.S. grains season. On the other, vessel activity to Asia, especially China, is declining,” shipbroker Fearnleys wrote in a weekly note referring to the panamax segment.

Among smaller vessels, the supramax index fell 4 points to 906.

Source: Reuters reported by Ananya Bajpai in Bengaluru and edited by Shilpi Majumdar