The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell for a third session on Tuesday as sluggish cargo business and rising vessel supply weighed on the market.
Brokers said they were looking for signs of a pick up in coal demand from China, facing its worst power shortages in years.The overall index fell 0.63 percent or 9 points to 1,409 points.
"It's sliding sideways with a negative trend," said Sverre Svenning, director with broker Fearnley Consultants. "There is some activity, but it's very much an on and off thing."
The outlook for dry bulk rates has been grim because ship supply has outpaced demand to ship commodities.
"Brokers are expecting a quieter week ahead, with little sign of a material rate increase in the near-term," Deutsche Bank said.