The Baltic Exchange’s dry bulk sea freight index marked a second straight weekly fall on Friday as rates declined across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 63 points, or 2.6%, at 2,348. It shed about 5.4% for the week.

The capesize index fell 163 points, or 3.8%, to 4,113. It was down by 3.4% for the week.

Average daily earnings for capesizes, which typically transport 150,000-ton cargo such as iron ore and coal, decreased $1,356 to $34,107.

Iron ore futures lost ground, fully erasing gains recorded in the morning session, as softening demand and the expectation of a lack of forceful stimulus in 2024 in top consumer China weighed on sentiment.

The panamax index fell by about 9.7% this week and lost 15 points, or 0.8%, at 1,900 on the day.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tons, lost $135 to $17,096.

Among smaller vessels, the supramax index was down 16 points, or 1.1%, at 1,426. It fell by 6.2% this week, snapping a five-week winning run.

Source: Reuters reported by Hissay Ongmu Bhutia in Bengaluru and edited by Tasim Zahid