The overall index, which factors in rates for capesize, panamax, supramax and handysize bulk vessels, was down 76 points, or 4.6%, at 1,561 points yesterday after the biggest percentage drop in over two months. The index is down from a one-year high of 2,097.
The capesize index itself lost 189 points or 6.7% because average daily earnings for capesize bulkers were down $1,568 to $21,737.
Iron ore futures also showed losses because of rising port inventories and softening demand in China.
The panamax index fell 3.4%, the supramax index fell three points while the handysize index was flat.