Baltic Index Snaps 10-day Winning Streak

Maritime Activity Reports, Inc.

September 5, 2019

Peter Sand, chief shipping analyst at BIMCO (CREDIT: BIMCO)

Peter Sand, chief shipping analyst at BIMCO (CREDIT: BIMCO)

The Baltic Exchange's main sea freight index fell on Thursday, breaking a 10-day winning streak, as rates for capesize vessels eased.

The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 19 points, or 0.8%, to 2,499 points. On Wednesday, the index hit its highest since November 2010 at 2,518 points. "We certainly expect freight rates to come down from the highest that we've seen just during the spike now, but remain profitable for the remaining part of the year," said Peter Sand, chief shipping analyst at BIMCO, adding the recent rally was mostly driven by rising freight rates out of the Atlantic markets, especially Brazil.

The capesize index dropped 7 points, to 5,036 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $370 to $37,644.

The panamax index fell 16 points, or 0.7%, to 2,234. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $128 to $17,898.

The supramax index inched down 3 points to 1,348.

Reporting by Anjishnu Mondal

Maritime Reporter Magazine Cover Aug 2019 - The Shipyard Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News