Baltic Index at One-week Trough as Demand Sags

October 16, 2019

File Image: A recently delivered K Line Coal Carrier. CREDIT: K Line
File Image: A recently delivered K Line Coal Carrier. CREDIT: K Line

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a one-week low on Wednesday, on weaker demand for all vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down 1 point at 1,897, extending losses to a fourth session.

The capesize index fell 10 points, or 0.3%, to 3,194. The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $174 to $25,838.

Separately, China's top steelmaking city of Tangshan, in Hebei province, has issued a second-level smog alert on Tuesday that requires steel mills to limit certain operations.

The panamax index declined 30 points, or 1.6%, to 1,888, recordings its worst day this month. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, dropped $244 to $15,132.

The supramax index nudged lower by a point to 1,226.

Reporting by Nakul Iyer

Logistics News

Trade Group Wants Ban on Export of Scrap Aluminum Cans to China

Trade Group Wants Ban on Export of Scrap Aluminum Cans to China

Chinese Container Ship Completes Northern Sea Route, Halves UK Delivery Time

Chinese Container Ship Completes Northern Sea Route, Halves UK Delivery Time

Cavotec MoorMaster Systems Operational at Iroquois Lock in Canada

Cavotec MoorMaster Systems Operational at Iroquois Lock in Canada

Fueling the Future of Ports: Cost Savings and Resilience as Propane’s Proven Edge

Fueling the Future of Ports: Cost Savings and Resilience as Propane’s Proven Edge

Subscribe for Maritime Logistics Professional E‑News

Next week, the US Senate Committee will vote on legislation relating to aviation safety.
The diverting of tankers from a Chinese terminal sanctioned may cause congestion in other ports
Waymo will launch an autonomous ride-hailing system in London next year