Marine Link
Sunday, December 9, 2018

Baltic Index Down as Capesize Rates Dip

Maritime Activity Reports, Inc.

February 15, 2018

© Viktoriya / Adobe Stock

© Viktoriya / Adobe Stock

The Baltic Exchange's main sea freight index fell for a fourth straight session on Thursday as demand for capesize vessels remained muted amid a week-long break in China.
 
  • The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down six points, or 0.55 percent, at 1,089 points.
  • The capesize index shed 58 points, or 3.37 percent, to 1,663 points.
  • Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $485 to $12,828.
  • "A calm has set over the capesize dry bulk market, with sentiment softening into the holiday period," said analysts at shipbroker Clarksons Platou Securities.
  • Average earnings have slipped worldwide as limited activity continues to pressure rates lower, they added.
  • The week-long Lunar New Year holiday in China began on Thursday.
  • The panamax index was up 20 points, or 1.62 percent, at 1,251 points.
  • Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $158 to $10,043.
  • Among smaller vessels, the supramax index rose nine points to 832 points, while the handysize index fell one point to 515 points.

Reporting by Vijaykumar Vedala in Bengaluru
Maritime Reporter Magazine Cover Nov 2018 - Workboat 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.

Subscribe
Maritime Reporter E-News subscription

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

Subscribe for Maritime Reporter E-News