The Baltic Exchange's dry bulk freight index rose to a more-than-two-month high on Friday and posted a weekly gain, supported by stronger Capesize and Panamax vessel rates.
The main Baltic index was up 32 points, or 1.1 per cent, to 3,089, its highest level since June 3 and up 13.1 per cent for the week.
The Capesize index gained 76 points, or 1.5 per cent, to 5,128, also its highest since June 4. The index gained 19.4 per cent for the week. Average daily earnings for Capesize vessels rose by $696 to $43,009.
Dalian iron ore futures rose for a third straight session on Friday, supported by a looming strike at BHP Group's Port Hedland operations and tensions in China's ore-buying negotiations with Rio Tinto.
The Panamax index was up 23 points, or one per cent, to 2,298, hitting its highest level since June 3 and logging a weekly gain of 10.1 per cent. Average daily earnings for Panamax vessels rose $211 to $20,684.
Among smaller vessels, the supramax index lost five points, or 0.3 per cent, at 1,603, its lowest level since June 8. The index marked a weekly loss of 0.4 per cent.
(Reporting by Vedika Thorat in Bengaluru; Editing by Joyjeet Das)