The Baltic Exchange's dry bulk freight index rose on Friday, snapping a five-session losing streak, supported by a rise in Capesize rates.
The main Baltic index added 27 points, or 0.9 per cent, to 2,991. However, the index logged a five per cent weekly loss, its worst weekly performance since early March.
The Capesize index was up 120 points, or 2.5 per cent, at 4,954. It was down around 4.2 per cent for the week. Average daily earnings for Capesize vessels added $1,093 to $41,428.
Iron ore prices started on a wobbly footing on Friday, poised for a second straight weekly decline amid prospects of rising supply and seasonally weakening demand, but resilient near-term consumption in top buyer China curbed broad losses.
The Panamax index fell 53 points, or 2.3 per cent, to 2,223. It posted an almost 12 per cent weekly decline. Average daily earnings for Panamax vessels fell $481 to $20,004.
Among smaller vessels, the supramax index shed four points, or 0.3 per cent, to 1,567, logging a minor weekly rise of around 0.1 per cent.
(Reporting by Anjana Anil in Bengaluru; Editing by Vijay Kishore)