The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, edged down on Friday due to weakness in smaller vessel segments, but was set to post a weekly gain on capesize advances.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 2 points, to 2,203 points. However, the contract was up 3.6% for the week.

The capesize index extended gains from the previous session, climbing 26 points, or 0.8%, to 3,437, its highest since July 29. The contract was up about 12% for the week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $216 to $28,504.

Iron ore futures advanced on Friday, ending the week higher, buoyed by strengthening steel demand and pre-holiday restocking in major consumer China.

Meanwhile, the panamax index lost 36 points, or 1.9%, to 1,845, its lowest since September 5. The contract recorded a loss of 8% for the week.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $325 to $16,603.

Among smaller vessels, the supramax index lost 3 points, to 1,489 points. The contract was down 0.2% for the week.
Source: Reuters