The Baltic Exchange’s main sea freight index fell on Friday and snapped a six-week-long winning streak, weighed down by a dip in rates for the larger capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 44 points, or about 2%, to 2,196 points.

The index declined by 7.8% for the week, snapping a streak of six straight weekly gains.

The capesize index lost 106 points, or about 3%, at 3,482. It slipped 14.3% for the week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $877 to $28,875.

Iron ore futures were mixed, but set for a weekly gain on mounting anticipation of a pick up in demand in top consumer China amid signs of improving steel consumption.

The panamax index was down by 39 points or 1.8%, at 2,165 points. It logged a weekly decline of about 3%

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, fell $315 to $19,483.

Among smaller vessels, the supramax index rose by 4 points to 1,383 points. It was up for the seventh straight week.

Yemen’s Houthis have told China and Russia that their ships can sail through the Red Sea and Gulf of Aden without being attacked.

Source: Reuters reported by Daksh Grover in Bengaluru and edited by Shweta Agarwal