Dry bulk shipping rates edged lower at the close of the week, with the Baltic Exchange's primary sea freight index sliding approximately 1.3% to 3,426 points on Friday.
The decline wiped out gains from the preceding trading day, when the benchmark had advanced by 1.2%, with weaker earnings for larger bulkers driving the reversal.
According to a report by Hellenic Shipping News Worldwide, the downturn was concentrated in the capesize sector. The segment's index, reflecting charter conditions for vessels that typically lift 150,000-tonne cargoes of iron ore and coal, dropped 2.6% to 5,784 points.