The Baltic Exchange's dry bulk sea freight index extended losses on Friday and was headed for a weekly loss, pressured by declining Capesize vessel rates.
The main index, which factors in rates for Capesize, Panamax and supramax shipping vessels, fell 66 points, or 3.2 per cent, to 1,991 points. The index recorded a loss of 3.8 per cent for the week.
The Capesize index lost 188 points, or 6.2 per cent, to 2,871 points, hitting a three week-low. The index fell about eight per cent for the week.
Average daily earnings for Capesize vessels decreased by $1,556 to $28,811.
Iron ore futures prices dipped on Friday, snapping a three-session winning streak, as demand in top consumer China softened, hit by shrinking steel margins.
The Panamax index was unchanged at 1,924 points, and logged a rise of 5.3 per cent for the week. Average daily earnings for Panamax vessels fell by $1 to $17,318.
Among smaller vessels, the supramax index lost nine points to 1,369 points. The index declined 3.9 per cent for the week.
(Reporting by Pablo Sinha in Bengaluru; Editing by Sahal Muhammed)
