SINGAPORE: Iron ore futures rose on Friday, supported by reduced Chinese port inventories, though the contract posted a seventh straight weekly loss as traders weighed weak broader demand.
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday but posted a second consecutive weekly gain, supported by stronger capesize rates. The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell by 33 points, or 1.23 percent, to 2,660 points. Still, the index rose about 5.9 percent for the week.
The capesize index shed 57 points, or 1.48 percent, to 3,791 points. But it also recorded a second consecutive weekly gain, up 16.7 percent.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, decreased by USD519 to USD30,877. Iron ore futures rose on Friday, supported by reduced Chinese port inventories, though the contract posted a seventh straight weekly loss as traders weighed weak broader demand. The panamax index fell 42 points, or 1.95 percent, to 2,109 points, its lowest level since August 24. The index declined 8.9 percent for the week.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell by USD377 to USD18,981 Among smaller vessels, the supramax index dropped 3 points, or 0.16 percent, to 1,887 points. It was up 1.18percent this week.
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