Baltic index records worst week in more than a month

The Baltic Exchange's main sea freight index edged higher on Friday but logged its worst week since early June, weighed down by lower rates across all vessel segments.

The main index rose 15 points, or 0.75 per cent, to 2,018 points, though it posted a weekly loss of more than 10 per cent, marking its worst performance since June 16.

The Capesize index gained 57 points, or 1.8 per cent, to 3,296, however logged a weekly fall of nearly 14 per cent. Average daily earnings for capesize vessels increased $473 to $27,331.

Iron ore futures prices traded little changed on Friday but were set for weekly losses, as expectations of more stimulus from top consumer China for the struggling property sector faded, dimming demand prospects for the steelmaking ingredient.

The Panamax index fell 15 points, or 0.9 per cent, to 1,644, and was down over 10 per cent for the week, marking its worst week since April. Average daily earnings for Panamax vessels was down by $131 to $14,798.

Among smaller vessels, the Supramax index was up one point, or 0.08 per cent, to 1,269, marking its second consecutive weekly decline.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Shailesh Kuber)