The Baltic Exchange's main sea freight index fell for a second day on Wednesday and the outlook was seen as fragile due to slow cargo business.
Analysts said any gains in the coming weeks were likely to be modest until demand, which is largely driven by the iron ore market, picks up in the fourth quarter.
The index, which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fertiliser, fell 0.36 percent, or 7 points, to 1,957 points.
Prior to Tuesday's fall the index, known as the BDI, had risen for 12 consecutive sessions.
Brokers said there had been a few more iron ore fixtures, which had helped support capesize rates on Wednesday.
Analysts said any gains in the coming weeks were likely to be modest until demand, which is largely driven by the iron ore market, picks up in the fourth quarter.
The index, which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fertiliser, fell 0.36 percent, or 7 points, to 1,957 points.
Prior to Tuesday's fall the index, known as the BDI, had risen for 12 consecutive sessions.
Brokers said there had been a few more iron ore fixtures, which had helped support capesize rates on Wednesday.