The Baltic Exchange’s main sea freight index edged higher on Friday on stronger demand in the larger capesize vessel segment, although it marked its first weekly decline in five.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 5 points to 1,489.
The index, however, was down about 3% for the week, its most since the week ended Feb. 17.
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The capesize index (.BACI) rose 26 points, or about 1.4%, to 1,882. Although, the index lost 1.6% for the week.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $215 to $15,611.
Dalian and Singapore iron ore futures rebounded in afternoon trading as sentiment improved, helped by data showing that inventories at Chinese ports continued to fall in the past week.
The panamax index (.BPNI) fell 12 points to 1,572. The index was down 8.8% for the week – its biggest weekly percentage fall since Feb. 3.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $111 to $14,149.
Among smaller vessels, the supramax index (.BSIS) edged up 1 point to 1,332. It was up for the sixth consecutive week.