The decline, however, would likely be limited due to steady chartering demand to transport US grains, and Chinese and Japanese demand for iron ore and coal, Asian traders said. Spot voyage fixtures for modern panamax rates for the benchmark US Gulf to Japan route were estimated at about $46-$49 per tonne, compared with $47-$50 a week earlier.
"Charterers don't need to rush to fix vessels as more tonnage is available now," a shipping broker in Seoul said.
"That's the main reason putting pressure on shipping rates."
But he said steady demand for grain and minerals would support the market, limiting declines in shipping rates.
A second broker in Seoul said there had been little business for panamax cargoes as charterers were believed to have already covered their fixtures for November and December shipments.
Despite slow business activity, ship-owners have wanted to charge spot voyage rates for panamax cargoes for the US Gulf to Japan route at about $48-$49 a tonne, he said.
Freight rates are strong, having recovered from the year's low of about $30-$35 per tonne in early August.
But they remain well below the high of $60-$65 reported in March to April.
Some shipping industry officials said the market was unlikely to fluctuate dramatically for now.
"The market's looking a bit sluggish ... and I think it might be heading in a direction where it will consolidate," said a key Japanese shipping broker.
Some grain traders said the market outlook was slightly opaque with sentiment buffeted by both bearish and bullish factors.
Industry experts have said that freight rates would remain well below last year's peaks of $75-$80 as capacity outpaces robust growth in demand from economic powerhouses like China, the main force behind a two-year boom in freight rates.
However, a rise in grain exports from the United States and rising coal demand for the winter have been cited as seasonal factors likely to help support the market.
Ship scrapping has been limited as ship owners seek to take advantage of the strong market, and this has also helped support freight rates.
Timecharter rates for the US Gulf to Japan eased to $26,500-$27,500 a day, from $28,000-$29,000 a week earlier.
Period rates for the Pacific round fell to around $17,000 a day or lower from $18,000-$19,000 a week earlier.
"Rates aren't likely to be able to maintain the $18,000 level," the Japanese broker said.
The second Seoul broker said rates were around $15,500-$16,500.
The Pacific market remained under downward pressure as more vessels were available from China and Southeast Asia, he said.
Higher prices for Indian iron ore have also forced regional buyers to seek minerals from Australia or South America.