Baltic Index Snaps Winning Streak as Capesize, Panamax Rates Sag

December 11, 2018

File Image / AdobeStock / © Lidian Neeleman
File Image / AdobeStock / © Lidian Neeleman

The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, marked its first decline in last six sessions on Tuesday, weighed down by weaker demand for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 21 points, or 1.5 percent, to 1,364 points.

The capesize index snapped its five-day winning streak and dropped 2.7 percent, or 61 points, to 2,183 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, decreased by $477 to $17,077.

The panamax index eased 10 points to 1,454 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined by $81 to $11,626.

The supramax index was up 3 points to 958 points.


Reporting by Brijesh Patel

Logistics News

Mercuria Sues Baltic Exchange Over Freight Losses from Hormuz Closure

Mercuria Sues Baltic Exchange Over Freight Losses from Hormuz Closure

Ukrainian Drones Hit Tuapse Port Again, Environmental Crisis Deepens

Ukrainian Drones Hit Tuapse Port Again, Environmental Crisis Deepens

Russian Attack Hits Port Infrastructure

Russian Attack Hits Port Infrastructure

Port Snared in US-China Dispute, says Panama President

Port Snared in US-China Dispute, says Panama President

Subscribe for Maritime Logistics Professional E‑News

US grid operator PJM appoints Mills to the position of president and CEO
Iraqi state news agency reports that work has begun on the Basra-Haditha pipeline.
Sources say that the Air India CEO search has narrowed down to Singapore Air executive Kannan and insider Aggarwal.