The Baltic Exchange’s dry bulk sea freight index extended losses on Friday, weighed down by lower rates for capesize and panamax vessels as markets assessed the impact of the Ukraine crisis.

The overall index, which factors in rates for capesize, panamax and supramax vessels, slipped 111 points to 2,076, but gained 5.7% for the week.

The capesize index fell 309 points, or 15.5%, to 1,691.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $2,560 to $14,026.

The Biden administration announced sweeping export restrictions against Russia on Thursday, hammering its access to global exports following Moscow’s attack on Ukraine.

Meanwhile, Chinese ferrous futures fell on Friday with all products registering losses for the week as coal prices dropped after the government ordered a cap on its benchmark prices.

The panamax index eased 31 points, or 1.15%, to 2,658.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $282 to $23,922.

The supramax index gained 2 points to 2,417.

Source: Reuters