Rising rates across vessel segments lift Baltic index to weekly gain

The Baltic Exchange's dry bulk sea freight index rose on Friday to log a weekly gain on rising rates across vessel segments.

The main index was up 64 points, or 3.4 per cent, at 1,968, its highest since October 2. The contract logged a weekly gain of 20 per cent.

The Capesize index gained 167 points, or 4.7 per cent, to 3,722, its highest level since July 2 and a weekly gain of 31 per cent. Average daily earnings for Capesize vessels added $1,385 to $30,866.

Iron ore futures extended their decline for a second straight session and were set to log a weekly loss, as US President Donald Trump's plan to impose a 50 per cent tariff on an additional range of "steel derivative products" weighed.

The Panamax index firmed 26 points, or 1.9 per cent, to 1,401, a more than two-month high. It ended the week 12 per cent higher. Average daily earnings for Panamax vessels rose $234 to $12,610.

Among smaller vessels, the supramax index was up three points at 936, a more than one-week high.

(Reporting by Ishaan Arora in Bengaluru; Editing by Vijay Kishore)