Lower Rates Drag Baltic Index

January 30, 2018

© David Johnson / Adobe Stock
© David Johnson / Adobe Stock

The Baltic Exchange's main sea freight index fell for the second straight session on Tuesday, weighed down by lower rates across vessel categories.

 
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, was down 23 points, or 1.89 percent, at 1,191 points.
 
The capesize index snapped its five-day winning streak and shed 36 points, or 2.02 percent, to 1,748 points.
 
"Capesize spot earnings have come under some pressure in part due to a lack of fresh cargoes in the Atlantic," said analysts at shipbroker Clarksons Platou Securities.
 
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $399 to $13,666.
 
The panamax index lost 35 points, or 2.36 percent- its biggest one-day percentage fall in four-weeks, to 1,450 points.
 
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $277 to $11,622.
 
Among smaller vessels, the supramax index shed 6 points to 889 points, and the handysize index lost 7 points to 566 points.
 
 
Reporting by Sumita Layek

Logistics News

Port Houston Surpasses 2 Million TEUs in June, Looks Ahead to Maritime Conference

Port Houston Surpasses 2 Million TEUs in June, Looks Ahead to Maritime Conference

Greek-Managed Tankers Divert Around Africa to Avoid Red Sea Attacks

Greek-Managed Tankers Divert Around Africa to Avoid Red Sea Attacks

Global Shipping's Q3 Outlook Centers on Geopolitical Instability (again)

Global Shipping's Q3 Outlook Centers on Geopolitical Instability (again)

Tideworks Technology’s Traffic Control Solution Deployed at Florida International Terminal

Tideworks Technology’s Traffic Control Solution Deployed at Florida International Terminal

Subscribe for Maritime Logistics Professional E‑News

Mexican truck drivers learn English to comply with the new US language regulations
Lawyer for Greek owner of cocaine-loaded ship seized in 2023 says that he denies the charges
Greek-managed ships divert Russian oil to Africa in order to avoid Red Sea Attacks