Baltic Dry Index Logs First Weekly Gain in Three

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, marked its first weekly gain in three even as it inched lower on Friday on weaker demand in the larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or 1.2%, to 1,090.

However, the main index rose 8% for the week, its best since the week ended June 23.

The capesize index shed 36 points, or about 2.1%, to 1,655. For the week, the index gained 8.7%.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $306 to $13,722.

Meanwhile, Dalian and Singapore iron ore futures extended gains for a fourth session, underpinned by rising hopes of stimulus measures in China after weaker export data as well as lower inventories at both mills and ports.

The panamax index dropped 6 points, or 0.5%, to 1,095. It was up 11.3% for the week, its biggest weekly percentage gain since April 7.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $53 to $9,853.

Among smaller vessels, the supramax index remains unchanged at 743.

(Reuters - Reporting by Sherin Elizabeth Varghese; Editing by Shinjini Ganguli)