The Baltic Exchange's dry bulk freight index fell on Friday and logged a weekly loss, as weakness in Capesize vessel rates weighed.
The main Baltic index fell 88 points, or 3.1 per cent, to 2,752, its lowest since July 3. It was down more than six per cent for the week.
The Capesize index lost 242 points, or 5.6 per cent, to 4,097 and was down nearly 12 per cent for the week. Average daily earnings for Capesize vessels including iron ore and coal, dropped $2,196 to $33,653.
Iron ore futures, however, rose and were on track for a second straight weekly gain, underpinned by a drawdown in Chinese port inventories, though ample medium-term supply capped the advance.
The Panamax index was down by nine points, or 0.4 per cent, at 2,248. It was down by 0.2 per cent for the week. Average daily earnings for Panamax vessels fell $80 to $20,236.
Among smaller vessels, the supramax index was up seven points, or 0.4 per cent, at 1,737, its highest level since August 2022 and up 1.8 per cent for the week.
(Reporting by Vedika Thorat in Bengaluru; Editing by Diti Pujara)