The Baltic Dry Index (BDI) has dropped below 2,000 points for the first time since mid-August.
On Thursday, the BDI fell 90 points to 1964, with capesize, panamax, supramax and handymax indices all seeing red, too.
"There's nothing wrong with the underlying markets. We're still at very high levels," said Arctic Securities analyst Jo Ringheim.
Ringheim said capesize rates — which the index had falling 228 points to 3601 Thursday — were still slightly below $30,000 per day, roughly double his $15,000 per day estimates for the third quarter.
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