Baltic Index Drops On Capesize Rates

November 21, 2019

© yaniv / Adobe Stock
© yaniv / Adobe Stock

The Baltic Exchange's main sea freight index ticked lower for a sixth straight session on Thursday, hurt by weaker demand for capesize vessels.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down 5 points, or 0.4%, at 1,255 points.

* The capesize index fell 34 points, or 1.4%, to 2,401 points, it's lowest since June 18.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, shed $256 to $18,350.

* Capesize rates have softened as Brazil iron ore exports have again failed to live up to expectations and Atlantic coal remains in limbo, ship broker Fearnleys said in a note on Wednesday.

* The panamax index inched up 2 points to 1,129 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, edged $15 higher to $9,066.

* The supramax index rose 13 points to 731. 

(Reporting by Nakul Iyer in Bengaluru)

Logistics News

Panama Canal Reduces Maximum Vessel Draft for Neopanamax Locks

Panama Canal Reduces Maximum Vessel Draft for Neopanamax Locks

Maritime Drone Self-Detonates in Constanta Port

Maritime Drone Self-Detonates in Constanta Port

Oil Slips as Oman Reports Normal Operations at Key Oil Terminal

Oil Slips as Oman Reports Normal Operations at Key Oil Terminal

SEA-LNG: LNG Bunkering is Surging

SEA-LNG: LNG Bunkering is Surging

Subscribe for Maritime Logistics Professional E‑News

Pentagon: US forces board a sanctioned oil tanker in the Indian Ocean
UAE markets benefit despite the stalled US/Iran peace talks
Brazilian airline Azul is planning further frequency reductions as the fuel shock bites