marine link image
Register now for the Port of the Future Conference • 2 Days, 50 Ports • Houston/Galveston area, TX • April 12–14, 2027

Baltic Index Falls to Six-Week Low

May 29, 2018

© snoopymiff23 / Adobe Stock
© snoopymiff23 / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday to a six-week low as rates across vessel segments fell.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 20 points, or 1.9 percent, at 1,057 points, its lowest since April 17.

* The capesize index lost 71 points, or 5.1 percent, to 1,324 points. The index also touched its lowest since April 17.

* "Capesize rates have continued to soften due to an elevated list of available tonnage for June loading in Brazil," analysts at ship broker Clarksons Platou Securities wrote in a note.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $338 to $10,839.

* The panamax index was down 24 points, or about 2 percent, at 1,163 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $197 to $9,375.

* The supramax index fell 3 points to 1,068 points.

Reporting by Nithin Prasad in Bengaluru

Logistics News

QatarEnergy to Ship LNG Cargo to Orlen Next Month

QatarEnergy to Ship LNG Cargo to Orlen Next Month

Mammoet, Port of Argentia Plan Floating Dry Dock, Marine Repair Facility

Mammoet, Port of Argentia Plan Floating Dry Dock, Marine Repair Facility

Port Innovation Congress Draws Record Attendees to Valencia

Port Innovation Congress Draws Record Attendees to Valencia

HD Hyundai, Kiewit Team Up to Build New US Shipyard

HD Hyundai, Kiewit Team Up to Build New US Shipyard

Subscribe for Maritime Logistics Professional E‑News

Smoke in the cabin causes emergency landing of a Boston bound Delta flight in Portugal
Increased security at US Fairford Air Base in England
Oil giants rush in to help Italy's Meloni reduce energy costs by introducing fuel price caps