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

Port of Antwerp-Bruges Reports Weak Start to the Year

Port of Antwerp-Bruges Reports Weak Start to the Year

Hydrogen Fuel Cell Harbor Craft Pilot Study Launched in Singapore

Hydrogen Fuel Cell Harbor Craft Pilot Study Launched in Singapore

BIMCO Warns of Hormuz Toll Scam

BIMCO Warns of Hormuz Toll Scam

HPH Trust Unveils Hong Kong’s First Autonomous Truck Fleet

HPH Trust Unveils Hong Kong’s First Autonomous Truck Fleet

Subscribe for Maritime Logistics Professional E‑News

The fire at Russia's Tuapse Oil Terminal has been brought under control
Stocks close lower on fading hopes for quick Iran deal, mixed quarterly earnings
Indian shares open lower due to higher oil prices and weak Infosys predictions