The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, 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, which tracks rates for capesize, panamax and supramax vessels, fell 34 points, or 1.34%, to 2,511 points, its lowest level since June 30. The index declined about 14% for the week.
The capesize index fell 73 points, or 2.20%, to 3,249 points, its lowest level since early April and posted a weekly decline of 25%.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, 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%, to reach 2,314 points.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell $373 to $20,827.
Among smaller vessels, the supramax index edged up 9 points, or 0.48%, to 1,865 points.
(Reuters)