Baltic index ends week lower despite large vessel rate gains

The Baltic Exchange's dry bulk sea freight index rose on Friday, supported by higher rates for larger vessels, but was headed for a weekly loss due to declines across all vessel segments earlier in the week.

The main index increased by 16 points, or 0.8 per cent, to 1,979 points. The contract was down 2.3 per cent for the week.

The Capesize index rose 19 points, or 0.7 per cent, to 2,835 points, but fell about 3.1 per cent for the week. Average daily earnings for Capesize vessels added $158 to $23,513.

Iron ore futures rose for a fourth straight session on Friday and were heading for a second weekly gain, as a softer dollar and higher bets of a US interest rate cut overshadowed muted demand recovery in top consumer China after a military parade.

The Panamax index gained 44 points, or 2.5 per cent, to 1,802 points, with the contract falling about 2.4 per cent on a weekly basis. Average daily earnings for Panamax vessels increased by $395 to $16,221.

Among smaller vessels, the supramax index fell five points, or 0.3 per cent, to 1,456 points, its lowest level in a week. The contract was down 0.6 per cent for the week.

(Reporting by Pablo Sinha in Bengaluru; Editing by Sahal Muhammed)