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

DNV Publishes Recommended Practice for Onboard Carbon Capture, Storage

DNV Publishes Recommended Practice for Onboard Carbon Capture, Storage

Don Davis Appointed as New Managing Director at OCIMF

Don Davis Appointed as New Managing Director at OCIMF

Misaligned Charter Terms Amounts to $110,000 Shipbroker Settlement

Misaligned Charter Terms Amounts to $110,000 Shipbroker Settlement

ABS Fortifies Digital, Remote Support for Offshore Energy

ABS Fortifies Digital, Remote Support for Offshore Energy

Subscribe for Maritime Logistics Professional E‑News

Kuwait's KPC issues first spot naphtha tender since US-Iran conflict, sources say
Freeport LNG, Texas will take in more natgas after the train was shut down on Friday.
Experts say China's efforts to use green energy in AI projects face hurdles.