The Baltic Exchange’s dry bulk sea freight index rose on Friday, supported by higher rates for larger vessels, but was headed for a weekly loss due to declines across all vessel segments earlier in the week.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 16 points, or 0.8%, to 1,979 points. The contract was down 2.3% for the week.

The capesize index rose 19 points, or 0.7%, to 2,835 points, but fell about 3.1% for the week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $158 to $23,513.

Iron ore futures rose for a fourth straight session on Friday and were heading for a second weekly gain, as a softer dollar and higher bets of a U.S. interest rate cut overshadowed muted demand recovery in top consumer China after a military parade.

The panamax index gained 44 points, or 2.5%, to 1,802 points, with the contract falling about 2.4% on a weekly basis.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $395 to $16,221.

Among smaller vessels, the supramax index fell 5 points, or 0.3%, to 1,456 points, its lowest level in a week. The contract was down 0.6% for the week.
Source: Reuters