Baltic Index Slides Further as Demand Woes Continue

Posted by Michelle Howard
Thursday, January 14, 2016
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, touched a record low for the eighth straight session on Thursday, hurt by a persistent vessel glut and weaker global demand.
 
The overall index, which gauges the cost of shipping dry bulk cargoes including iron ore, cement, grain, coal and fertiliser, was down 11 points, or 2.79 percent, at 383 points.
 
The index has plunged by about 20 percent this year and on Wednesday fell below 400 points for the first on record.
 
The capesize, panamax and handysize indices also touched record lows on Thursday.
 
The dry bulk sector has taken a beating from the slowdown in Chinese business at a time when the sector is struggling with huge overcapacity.
 
The capesize index shed 20 points, or 8.16 percent, to 225 points on Thursday. Average daily earnings for capesize vessels dropped $160 to a record low of $2,941.
 
Capesizes typically transport 150,000-tonne cargoes such as iron ore and coal and have been particularly affected by a fall-off in coal and iron ore demand in China.
 
The panamax index dropped 11 points to 388 points.
 
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $85 to $3,103.
 
 
(Reporting by Vijaykumar Vedala in Bengaluru)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Bulk Carrier Trends

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

RS Rules Conform to the IMO Goal-based Standards

The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime

Baltic Index up for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, for a third straight session, on rising demand across all vessel segments.

Vessels

US Navy Accepts Delivery of Future USS Montgomery

The U.S. Navy has accepted delivery of future USS Montgomery (LCS 8) during a ceremony on June 23 at the Austal USA shipyard in Mobile, Ala.   Marking the official

Kiel is First German Port of Call for Mein Schiff 5

The brand-new TUI Cruises newbuilding Mein Schiff 5 has arrived in Kiel – her first German port of call since being handed over in Turku, Finland, a few days ago.

ST Marine Delivers 4th Patrol Vessel to Oman

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), has held the Interim Acceptance ceremony

Logistics

Maersk Takes Coffee Very Seriously

Maersk acknowledges that coffee is very special, mainly in regards to the processes and requirements involved for it’s shipping. "So we have adapted the way we work so we can meet your needs,

World Trade Routes Won't be the Same with Expanded Panama Canal!

On 26th June 2016, a landmark development for the shipping industry will occur with the opening of the new third set of locks at the Panama Canal. Clarksons Research takes a look.

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0842 sec (12 req/sec)