The Baltic Exchange's dry bulk freight index fell on Friday and logged a weekly decline, as weaker Capesize and Panamax rates dragged the benchmark to its lowest level in more than a week.
The main Baltic index fell 14 points, or 0.4 per cent, to 3,507, its lowest level since September 3. The index fell 3.3 per cent for the week.
The Capesize index was down 42 points, or 0.7 per cent, at 6,080, posting a weekly loss of 5.3 per cent.
Average daily earnings for Capesize vessels decreased by $380 to $51,636.
Iron ore prices fell for a third straight session and were heading for their first weekly loss in three, pressured by lower-than-anticipated demand and a sharp squeeze in steel margins in top consumer China.
The Panamax index fell two points, or 0.08 per cent, to 2,407. The index was down 1.7 per cent for the week.
Average daily earnings for Panamax vessels fell $22 to $21,662.
The supramax index was up six points, or 0.3 per cent, at 1,719. The index gained 2.6 per cent over the week.
(Reporting by Vedika Thorat in Bengaluru; Editing by Diti Pujara)
