The Baltic Dry Index reached a seven-week low on Thursday as it continued a steady two-week decline driven by low trading volumes.

The dry bulk market barometer fell 16 points to 1,385 on Thursday, marking the first time it has been below 1,400 points since 15 September. The day’s slump extended a downward trend that began on 19 October at almost 2,100 points, according to the Baltic Exchange.