The Baltic Exchange's main sea freight index edged up on Friday but registered its third consecutive weekly loss, pressured by weak Capesize rates.
The main index was up two points, or 0.1 per cent, at 1,436, snapping a seven-day losing streak. However, the index was down 5.6 per cent on the week, marking its third weekly loss.
The Capesize index slipped 39 points, or more than two per cent, to 1,855, continuing its decline since June 17. The index logged a weekly loss of 16.4 per cent. Average daily earnings for Capesize vessels decreased by $323 to $15,382.
Prices of iron ore futures extended gains, notching up a second consecutive weekly rise, driven by improved market sentiment after officials in top consumer China called for curbs on aggressive price competition.
Earlier this week, China's leaders called for stricter measures against aggressive price-cutting competition among Chinese companies.
The Panamax index gained 13 points, or 0.9 per cent, to 1,520, its highest level since September 2024. It ended the week 1.1 per cent higher. Average daily earnings for Panamax vessels, added $118 to $13,683.
Among smaller vessels, the supramax index rose by 29 points, or 2.8 per cent, to 1,081 points, logging its fourth straight week of gains.
(Reporting by Sarah Qureshi in Bengaluru. Editing by Jane Merriman)