Baltic dry index logs weekly loss on weaker Capesize rates

The Baltic Exchange's main sea freight index fell on Friday, marking its second consecutive weekly decline, pressured by a drop in Capesize vessel rates.

The main index was down 32 points, or 2.1 per cent, at 1,521, hitting its lowest level since June 4. The index was down over eight per cent for the week.

The Capesize index fell 125 points, or 5.3 per cent, to 2,220. The contract was down for a ninth straight session. The index logged a weekly loss of 18.5 per cent. Average daily earnings for Capesize vessels decreased by $1,039 to $18,408.

Iron ore futures rose on Friday, posting their largest weekly gain since May 16, on falling iron ore and steel inventories, outweighing Taiwan's anti-dumping duties.

The Panamax index rose 22 points, or 1.5 per cent, to 1,490, gaining for the fifth straight session. It ended the week over eight per cent higher. Average daily earnings for Panamax vessels increased $196 to $13,410.

Among smaller vessels, the supramax index gained nine points, or 0.9 per cent, to 1,009.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Sahal Muhammed)