The Baltic Exchange's main sea freight index fell on Friday, extending losses to a third straight week as weakness in Capesize vessel rates continued to weigh on the market.
The main Baltic index fell 34 points, or 1.34 per cent, to 2,511 points, its lowest level since June 30. The index declined about 14 per cent for the week.
The Capesize index fell 73 points, or 2.20 per cent, to 3,249 points, its lowest level since early April and posted a weekly decline of 25 per cent.
Average daily earnings for Capesize vessels fell $664 to $25,961.
Iron ore prices rebounded on Friday after touching more than two-year lows the day before, aided by dip buying amid signs of improving steel margins and downstream consumption in top consumer China.
The Panamax index lost 42 points, or 1.78 per cent, to reach 2,314 points.
Average daily earnings for Panamax vessels fell $373 to $20,827.
Among smaller vessels, the supramax index edged up nine points, or 0.48 per cent, to 1,865 points.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Shailesh Kuber)
