The Baltic Exchange’s main sea freight index rose to an over three-week high on Friday and recorded a weekly gain, supported by improved rates across all vessel segments.

The main index, which tracks rates for Capesize, Panamax and supramax shipping vessels, rose 41 points, or two per cent, to 2,104 points, its highest level since October 13. The index gained seven per cent for the week.

The Capesize index gained 99 points, or 3.1 per cent, to 3,341, its highest in over three weeks and logged a weekly gain of 14.1 per cent, marking a second straight week of increases.

Average daily earnings for Capesize vessels increased $821 to $27,709.

Dalian iron ore futures declined on Friday and logged a weekly loss as weakening steel demand and production cuts pressured prices in top consumer China.

The Panamax index rose 16 points, or 0.9 per cent, to 1,833 and was on track for a weekly gain.

Average daily earnings for Panamax vessels were up by $150 to $16,501.

Among smaller vessels, the supramax index gained seven points, or 0.5 per cent, to 1,319.

Source: Reuters reported by Sherin Elizabeth Varghese in Bengaluru, edited by Shailesh Kuber