The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped its three-session losing streak on Friday, supported by strong rates across the capesize and panamax vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 14 points to 990 points. The contract was down 5.8% for this week.
The capesize index was up 36 points to 1,115 points. The index lost about 11.7% this week. Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $299 to $9,244.
Iron ore futures prices fell for a fourth straight session on Friday and were set for a weekly loss, pressured by the seasonally slowing demand in top consumer China as well as concerns over demand prospects in 2025. The panamax index edged up 12 points to 976 points. The index also posted a weekly loss. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $101 to $8,782.
Among smaller vessels, the supramax index was down 4 points at 940 points, its lowest level since August last year, while also posting a weekly loss.