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The Baltic Exchange’s dry bulk sea freight index rose on Friday, with a lift from higher capesize rates, but still declined for the week on overall weaker rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 19 points, or 1.4%, at 1,407 points. It fell 7.3% for the week.

The capesize index added 106 points, or 5.5%, at 2,030 points, for its best session in two weeks. But the index shed 4.9% for the second week in a row.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $884 to $16,837.

Iron ore futures prices extended losses to their lowest level in two weeks and were set for a weekly fall, as concerns persisted over the recovery of the property sector in top consumer China.

The panamax index dropped for the fifth straight session, falling 53 points, or 3.5%, to 1,444 points. It was down 14.9% on the week.

Average daily earnings for panamax vessels, which usually carry about 60,000 tons to 70,000 tons of coal or grain cargo, were down by $475 at $12,996.

More ships carrying grain were diverted from the Suez Canal to routes around the Cape of Good Hope this week as attacks on shipping in the Red Sea continued, analysts said.

Among smaller vessels, the supramax index was down 7 points at 1,041 points,logging its fourth straight decline and falling 2.3% this week.
Source: Reuters (Reporting by Deep Vakil in Bengaluru; Editing by Vijay Kishore)