Baltic Index Nudges Up, But Registers Fall for Third Week

October 23, 2020

© eakgrungenerd / Adobe Stock
© eakgrungenerd / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates for capesize, panamax and supramax vessels, rose on Friday, buoyed by an uptick in demand for capesize and panamax vessels

The Baltic index rose 14 points, or 1%, to 1,415.

However, the index registered a 4.2% weekly loss, marking its third straight weekly decline.

The capesize index gained 26 points at 2,261, but registered a more than 6% weekly fall.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $212 to $18,749.

Chinese iron ore futures closed lower on Friday and logged their second straight weekly loss, as rising portside inventories hurt prices.

The panamax index gained 19 points, or 1.5%, to 1,274.

The index fell 3.7% this week, its second consecutive weekly dip.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $175 to $11,469.

Among smaller vessels, the supramax index was unchanged at 972.


(Reporting by Anjishnu Mondal in Bengaluru; Editing by Shailesh Kuber)

Logistics News

Fuel Transition: 534 'Alt Fuel' Containerships on Order

Fuel Transition: 534 'Alt Fuel' Containerships on Order

Major Colombian Container Terminal Orders 25 Konecranes RTGs and 10 Retrofits

Major Colombian Container Terminal Orders 25 Konecranes RTGs and 10 Retrofits

Stena Line welcomes Stena Futura onto Belfast-Heysham route

Stena Line welcomes Stena Futura onto Belfast-Heysham route

South Korea's HD Hyundai Heavy Eyes Acquisition of US Shipyard

South Korea's HD Hyundai Heavy Eyes Acquisition of US Shipyard

Subscribe for Maritime Logistics Professional E‑News

The price of oil shipping has risen due to increased exports from the Middle East and tighter vessel availability
Sources say that Novatek, a Russian company, redirects the gas condensate from Ust-Luga to Novorossiisk following the shutdown of its complex.
Sources say that Russia has revised its oil export plans to Novorossiisk and Ust-Luga as Primorsk is facing delays.