The Baltic Exchange’s main sea freight index dropped on Friday and recorded its biggest weekly fall since July 24, as capesize and panamax rates slipped further.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 33 points, or 2.4%, to 1,362 on Friday, dropping 8.5% for the week.

The capesize index dropped by 59 points, or 2.9%, to 1,960, slipping 11.6% for the week.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, fell $496 to $16,252.

The panamax index was down 42 points, or 2.7%, at 1,473.

The index posted a third successive weekly fall, declining 8.9%.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $375 to $13,260.

The supramax index slid 5 points to 953.

Source: Reuters