The Baltic Exchange's dry bulk freight index gained on Friday as Capesize vessel rates strengthened, but the benchmark still posted a weekly loss.
The main Baltic index rose 34 points, or one per cent, to 3,370 points. However, the index was down nearly four per cent for the week so far.
The Capesize index rose 112 points, or two per cent, to 5,768 points. It was on track for a weekly fall of five per cent.
Average daily earnings for Capesize vessels increased by $1,019 to $48,812.
Iron ore prices rose for a third straight session, supported by higher-than-expected hot metal output. Lingering demand uncertainty, swelling portside inventory and thin steel margins kept prices on track for a second weekly loss.
Meanwhile, the Panamax index fell 31 points, or 1.4 per cent, to 2,251 points, and was headed for a weekly drop of 6.5 per cent.
Average daily earnings for Panamax vessels fell $273 to $20,262.
Among smaller vessels, the supramax index inched up five points, or 0.3 per cent, at 1,767. The index recorded a weekly gain of 2.8 per cent so far.
(Reporting by Pablo Sinha in Bengaluru; Editing by Joyjeet Das)
