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Sunday, November 18, 2018

Baltic Index Declines on Weak Capesize Demand

Maritime Activity Reports, Inc.

November 6, 2018

© Volodymyr Kyrylyuk / Adobe Stock

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, declined for the sixth straight day on Tuesday, marking its biggest percentage fall in nearly two months, on waning demand for capesize vessels.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, slipped 33 points, or 2.3 percent, to 1,395 points, its lowest since Sept. 19.

* The capesize index slid 101 points, or 4.2 percent, to 2,296 points, a level last seen on Oct. 22.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $735 to $17,033.

* The panamax index lost 3 points, or 0.2 percent, to 1,528 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $31 to $12,245.

* The supramax index eased 8 points to 1,033 points. 

(Reuters, Reporting by K. Sathya Narayanan in Bengaluru; Editing by James Emmanuel)

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