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

Argentine Labor Strike Hits Ports

Argentine Labor Strike Hits Ports

Great Lakes Iron Ore Trade a Near Match to January 2025

Great Lakes Iron Ore Trade a Near Match to January 2025

Ferries: A Boost to Japan’s Long-Haul Ferry Fleet

Ferries: A Boost to Japan’s Long-Haul Ferry Fleet

Mitsui E&S Secures Order for 17 Rubber Tired Gantry Cranes

Mitsui E&S Secures Order for 17 Rubber Tired Gantry Cranes

Subscribe for Maritime Logistics Professional E‑News

Oil prices settle at 4% due to tensions between Iran and the US, while Russia-Ukraine negotiations end without a breakthrough
The Argentine maritime workers’ strike for reform of labor halts grain shipments
Edison: Italy's decree could force EDF reconsider capital opening move