The Baltic Exchange's dry bulk freight index fell to a more than six-week low on Friday and posted a weekly loss, as a decline in Capesize rates continued to weigh on the market.
The main Baltic index fell 56 points, or 1.9 per cent, to 2,917 points, its lowest level since August 24. The index fell 7.3 per cent for the week.
The Capesize index fell 172 points, or 3.8 per cent, to 4,340 points, its lowest level since July 31. The index logged a 13.9 per cent weekly loss.
Average daily earnings for Capesize vessels fell $1,560 to $35,860.
Iron ore prices extended their decline to multi-month lows on Friday, weighed down by lacklustre steel consumption and anticipation of rising supply of the key steelmaking ingredient.
The Panamax index gained 14 points, or 0.6 per cent, to reach 2,424 points; it gained 2.2 per cent this week.
Average daily earnings for Panamax vessels rose $125 to $21,813.
Among smaller vessels, the supramax index increased six points, or 0.3 per cent, to 1,814 points and marked a weekly gain of 1.4 per cent.
(Reporting by Vedika Thorat in Bengaluru; Editing by Shreya Biswas)