Baltic Dry Index Extends Losses to Seventh Session
The Baltic Exchange's main sea freight index posted a loss on Tuesday for the seventh straight session, its longest losing streak in about four months, pressured by lower rates across vessel segments.The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost 55 points, or 2.9%, to 1,817 points.The capesize index dropped 91 points, or 4.4%, to 1,971 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $753 to $16,374."With many routes indicating sluggish signs in term
Baltic Dry Index Dips to Two-week Low
The Baltic Exchange's main sea freight index fell to a nearly two-week low on Tuesday as rates across its vessel segments declined.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 53 points, or 2.5%, to 2,061 points, the lowest since July 14.The capesize index fell for the second straight session, losing 141 points, or 5.4%, to 2,455 points, a near two-week low.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,167 at $20,359."The biggest headache moving forward will li
Baltic Index Perks up on Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday on bigger gains for the capesize index and improved activity across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, climbed 15 points or 3.62 percent to 429 points. The index has gained about 47 percent since touching its lowest of 290 points on Feb. 10. The rally, however, will have to last longer for a sustainable recovery of the shipping industry that has been facing an oversupply of vessels and a slowdown in demand for quite some time now, analysts said. The capesize index jumped 60 points, or 28.57 percent, to 270 points.
Bulk Shippers Hit by Commodity Storm
The dry bulk shipping sector has been dashed upon the rocks of vessel oversupply and slowing economic growth. Not dry bulk shipping business is grappling with an unprecedented crisis of too many ships and not enough cargoes, says a report in WSJ. Idled ships are crowding coastlines world-wide as increasingly desperate companies that ship iron ore, coal and other bulk commodities try to weather the industry’s worst downturn in decades. Shipping brokers estimate 690 dry-bulk ships, or about 7% of the global fleet, currently are sitting idle. Twice that number will likely need to be parked to balance capacity with demand, said George Lazaridis, head of research and valuations at Athens-based Allied Shipbroking Inc.
Baltic Index Continues Slide as Rates Drop
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its slide on Monday, hitting a new near-three decade low as rates for all four vessel segments fell. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was down 18 points, or 2.96 percent, at 590 points, the lowest since August 1986. "The dry bulk market has seemingly gone dead silent, with worries circulating amongst many owners that there is little reason to operate vessels under the currently prevailing freight rates," George Lazaridis, head of market research and asset valuations at Allied Shipbroking, said in an weekly shipping market note published on Monday.
