Lower capesize rates weighed down the Baltic Exchange’s main sea freight index on Friday, though it posted a second consecutive weekly gain.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 10 points, or 0.5%, to 1,960. It hit a 5-month peak earlier this week.

The main index rose 7.2% this week.

The capesize index fell 73 points, or 3.5%, to 2,019.

The index, however, added 13.2% this week, its second straight weekly rise.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $612 to $16,741.

Benchmark Asian iron ore futures fell on Friday and were on track for their second-biggest weekly loss so far this year, as moves in China to restrict steel mills’ highly-pollutive operations and reduce production capacity weighed on sentiment.

The panamax index gained 25 points, or 1.1%, to 2,242. It was up 4.7% for the week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $222 at $20,178.

The supramax index rose 26 points to 2,077, its highest since at least April 2017, according to Refinitiv Eikon data.

The index was up 8.3% for the week, its fifth consecutive weekly gain.

Source: Reuters 

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