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Tuesday, June 15, 2021
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Ship Broker News

06 May 2021

Baltic Dry Index Snaps 15-session Winning Run

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The Baltic exchange's main sea freight index dropped from an 11-year peak on Thursday, breaking its 15-session winning steak, weighed down by lower rates for the larger capesize segment.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 54 points, or 1.7%, to 3,212.The index rose for the previous 15 sessions, its longest gaining streak since the 27-session winning run that ended in early July last year.The capesize index fell 237 points, or nearly 4.4%, to 5,167, having jumped to an over 11-year high on Wednesday.Average dail

15 Apr 2021

Baltic Dry Index Scales Over 1-year Peak

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The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose to its highest level since September 2019 on Thursday as demand strengthened across vessel segments.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose 145 points, or 6.7%, to 2,323, its highest since Sept. 12, 2019.The capesize index advanced 232 points, or 7.4%, to 3,383, its highest level since Oct. 9, 2020Average daily earnings for capesizes…

17 Feb 2021

Capesize and Panamax Bulker Rates Are Soaring

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The Baltic Exchange's main sea freight index rose to its highest in over three weeks on Wednesday as demand for capesizes rebounded and rates for the panamax vessel segment scaled ten-year highs.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, surged 261 points, or 17.5%, to 1,756, recording its fifth straight session of gains.The index was at its strongest since January 25.The capesize index leapt 427 points, or 28.8%, to 1,912, a near three-week high.Average daily earnings for capesizes, which typically transport 150,000-tonne

27 Jan 2021

Baltic Index Falls to Three-week Low

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The Baltic Exchange's main sea freight index slipped to its lowest in nearly three weeks on Wednesday, dragged by a drop in demand for the larger capesize vessel segment.The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down for a fourth straight session, and dipped by 119 points, or 7.2%, to 1,540, its lowest since Jan.

24 Dec 2020

Baltic Index Marks First Yearly Gain in Three

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The Baltic Exchange's main sea freight index posted its first annual gain in three years on Thursday as iron ore shipments to China bounced higher, despite a hit to shipping activity due to the coronavirus pandemic.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 4 points, or 0.3%, at 1,366, its highest level in over eight weeks.The index firmed by 3.1% this week, marking its third consecutive weekly rise.For the year, the overall index has gained by 25.3%."China forges more steel than the rest of the world combined…

15 Jul 2020

Baltic Index Falls as Lower Vessel Rates Bite

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The Baltic Exchange's main sea freight index fell on Wednesday, weighed by capesize rates hitting their lowest level in nearly a month and lower earnings at the panamax segment.The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 46 points, or about 2.6%, to 1,696.The Baltic capesize index dropped 141 points, or 4.6%, to 2,941, touching its lowest level since June 17.Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and co

17 Jun 2020

Baltic Index Logs Record Jump as Capesize Demand Spikes

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The Baltic Exchange's main sea freight index recorded its biggest ever daily percentage jump on Wednesday, propelled by surging capesize rates due to a spike in iron-ore shipments.The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 192 points, or about 18.2%, to 1,246, its highest since Dec. 17.The Baltic capesize index jumped 601 points, or about 32.4% to 2,455, its highest since Dec.

08 Apr 2020

Tanker Rates Fall Ahead of OPEC+ Meeting

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Supertanker freight rates have fallen after last week's highs as industry participants await the outcome of a meeting of oil producers on Thursday before making further bookings, industry sources said.Freight rates could drop further if the Organization of the Petroleum Exporting Countries, Russia and other producers decide to cut output sharply, reducing transport and storage demand for oil, they said. They could jump again if producers fail to reach an agreement."From a freight standpoint…

01 Apr 2020

Oil Storage at Sea Approaching Record Levels

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Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…

23 Mar 2020

Saudi Arabia's Tanker Power Play Could Backfire

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Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.That could leave the kingdom stuck with tens of millions of barrels in expensive ships at anchor when the coronavirus outbreak has destroyed oil demand and international prices have lost more than half their value compared with the start of the year.Following the failure to persuade…

19 Mar 2020

Tanker Rates Fall, but Storage Demand Stays Firm

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After a frantic week that sent crude oil freight rates to record highs amid a bookings bonanza to ship Saudi oil to the world, rates are now easing as charterers balk at the nosebleed charges and await Saudi volume plans for April, shipping sources said."Sentiment remained softer today," said one ship broker while pointing to another day of limited chartering activity.At least nine very large crude oil carrier (VLCC) provisional charters failed this week along with another five for Suezmax tankers…

12 Mar 2020

Booking Frenzy Sends Tanker Rates Soaring

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The cost to transport oil on supertankers soared on Thursday as major producers scrambled to secure vessels to ship more crude in a bid to regain market share and buyers took advantage of plunging oil prices.Freight charges to ship oil in very large crude carriers (VLCCs) from the Middle East, which is home to the largest OPEC producers, to China, the world's top crude oil importer, nearly doubled overnight.VLCC tanker rates along the busy Middle East Gulf to China route jumped to about $160…

05 Mar 2020

Baltic Index Logs Best Day in 8 Months

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The Baltic Exchange's main sea freight index posted its biggest percentage jump in eight months on Thursday boosted by stronger rates across vessel segments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, jumped 37 points, or 6.6%, to 599, its biggest daily percentage gain since July 04, 2019."The market has started to improve as the supply/demand balance is tightening," said Randy Giveans, senior vice president…

20 Feb 2020

Baltic Index Gains for Fifth Session

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The Baltic Exchange's main sea freight index rose for the fifth straight session on Thursday, supported by an uptick in demand across all vessel segments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 15 points, or 3.2%, to 480.The capesize index gained for a third straight session, up 9 points but still at -232."The worst may just about be over for the big ships," ship broker Fearnleys said in a note on Wednesday."Average nominal daily earnings still admittedly unchanged w-o-w…

19 Feb 2020

Baltic Index Vessel Rates Edge Higher

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The Baltic Exchange's main sea freight index rose on Wednesday as rates improved across all vessel segments, even as shipping activity remained subdued due to the coronavirus outbreak in China.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 15 points, or 3.3%, to 465, the highest since Feb. 3.The capesize index gained for a third straight session, up 16 points but still at -241."With trading still impeded by the virus outbreak and weather conditions across both Australia and Brazil keeping activity in check…

13 Feb 2020

Baltic Index Remains Flat

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The Baltic Exchange's main sea freight index remained flat on Thursday, as higher rates for panamax vessels offset weaker rates for other vessel categories.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, was unchanged at 421.The main index slid to a near 4-year low of 411 earlier this week.The capesize index fell 25 points to negative 284.Average daily earnings for capesizes, which typically transport 170,000-180…

12 Feb 2020

Baltic Index Edges Up

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The Baltic Exchange's main sea freight index inched higher on Wednesday, helped by an uptick in rates for panamax vessels, but sentiment remained negative as the coronavirus outbreak disrupted vessel shipments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, was up 3 points, or 0.7%, at 421.The main index slid to a near 4-year low of 411 on Monday.Global ship deliveries have been hit as yards in China struggle to get fully back to work as a result of the coronavirus outbreak, with one shipbuilder saying it could not deliver two ve

06 Feb 2020

Panamax Gains Buoy Baltic Sea Freight Index

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The Baltic Exchange's main sea freight index edged up on Thursday, snapping a 14-session long streak of losses, propped up by gains in the panamax segment and slightly higher earnings for capesize vessels.The Baltic index, which tracks rates for capesize, panamax and supramax vessels to ferry dry bulk commodities, rose one point, or 0.2%, to 431.The capesize index slipped four points to a negative 187, down for the 40th consecutive session.However, average daily earnings for capesizes…

03 Feb 2020

Coronavirus hits Supertanker Rates

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Freight rates for supertankers on the Mideast Gulf and U.S. Gulf routes to Asia have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese oil demand, ship brokers told Reuters.China's Sinopec Corp, Asia's largest refiner, and so-called "teapot" independent refineries have reined in operations in the face of plunging consumption."The market has gone back to what it was before the COSCO sanctions came in," one ship broker said, referring to U.S. sanctions on subsidiaries of the state-owned Chinese shipping company."All the other variables have gone away…

24 Jan 2020

Coronavirus Places Shipping on High Alert

Ports in Singapore have started screening inbound travelers on passenger and commercial vessels for coronavirus symptoms (© hit1912 / Adobe Stock)

The Wuhan coronavirus outbreak has placed the shipping industry on high alert amid a rising death toll in China and reports that the fast-spreading illness is reaching new shores.The flu-like coronavirus, first identified in Wuhan, Hubei Province, China on December 31, has killed more than two dozen people in China and is believed to have infected more than 900 worldwide, according to several media reports. Cases have been confirmed in Beijing, Shanghai and Guangdong, and internationally in travelers returning from China to Japan…

16 Jan 2020

Baltic Index Flat

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The Baltic Exchange's main sea freight index stayed flat on Thursday, as rise in demand for panamaxes offset fall in capesize rates, with the capesize index dropping to near 9-month low.The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, remained steady at 768.The capesize index dropped 94 points, or 10.7%, to 784 - its lowest since April 26.The index has fell for a 25th straight session."Far East iron ore and coal volumes are fair but not sufficient to change a nervous spot sentiment…

21 Nov 2019

Baltic Index Drops On Capesize Rates

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The Baltic Exchange's main sea freight index ticked lower for a sixth straight session on Thursday, hurt by weaker demand for capesize vessels.* The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down 5 points, or 0.4%, at 1,255 points.* The capesize index fell 34 points, or 1.4%, to 2,401 points, it's lowest since June 18.* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal…

14 Nov 2019

Baltic Index Inches Lower on Weaker Panamax Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, inched lower on Thursday, as lower panamax rates offset a rise in capesize rates.* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down 1 point, or 0.1%, at 1,364 points.* The capesize index rose 58 points, or 2.3%, to 2,623 points.* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $292 to $20,961.* The panamax index fell 33 points, or 2.8%, to 1,137 points, its lowest in more than four months.* "The demand-side was slow with few firm cargoes entering the market…