Seasonality and inclement weather should continue to weigh on dry bulk shipping for the next few weeks, particularly the capesize sector, according to market experts.

The prediction comes as the capesize 5TC, a spot-rate average of key routes for this dry bulk asset class, slid 9% on Tuesday to $19,284 per day, according to the Baltic Exchange.

The C10transpacific roundtrip, which takes iron ore from Western Australia to China, saw the greatest drop, falling 22.4% to $15,529 per day.

"We are at the weakest period of the year, and I expect a lacklustre performance for the next month," said John Kartsonas, founder of Breakwave Advisors' dry bulk ETF-trading platform.

"Weather plays a significant role this time of the year, and so far, it has been disruptive for capesizes."

Rio Tinto was heard to have fixed a 170,000-dwt capesize bulker on Monday to carry iron ore from Western Australia's Port of Dampier to China's Port of Qingdao at $9.05 per tonne, to be loaded from 27 to 29 January.

The Australian miner was also rumoured to hire a second capesize of that capacity to carry another load of ore on the same route at $8.80 per tonne.

Vale and other miners have paused operations in Brazil's Minas Gerais region mines due to heavy rains.

"It seems that Vale is being extra cautious due to the deadly dam disaster in this region back in 2019 and therefore the extent of the closures is not yet clear," said Rebecca Galanopoulos Jones, head of research at broking house Alibra Shipping.

Indonesia's ban on coal exports and a 32% drop in China's iron ore imports compared to a year ago have also hurt capesize rates, according to Sevi Katemoglou, founder of broking house Eastgate Shipping.

"Although it appears that the initial blanket ban on Indonesian coal exports has been avoided thus far and the trade will likely resume ... we expect the freight market to cruise at similar levels in the month of January and towards the Chinese New Year," she told TradeWinds.

"Panamaxes, on the other hand, have been doing better in comparison, supported by fresh cargo volume in the Atlantic and healthy activity in the Pacific."

Average spot rates for the smaller vessels declined nonetheless, but to a lesser degree.

The panamax 5TC slipped 4.7% to $24,435 per day on Tuesday as the average spot rate for the Singapore round voyage via Atlantic, a benchmark grain route between China and Brazil, declined 5.2% to $25,015 per day.

The supramax 10TC shed 2.1% to come in at $21,547 per day, while the handysize 7TC lost 1.4% to land at $22,506 per day.