Wednesday, December 7, 2022
spot_img
HomeHeadlinesBaltic index hits a month’s low on weaker demand

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Baltic index hits a month’s low on weaker demand

The Baltic Exchange’s main sea freight index fell to its lowest level in a month on Thursday as lower demand weighed, with the panamax index declining for a ninth consecutive session.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels that carry dry bulk commodities, dropped 66 points, or 2.1%, to 3,073, the lowest since June 15.

The panamax index dropped 140 points, or 3.6%, to 3,708, the weakest level in nearly three weeks. The index posted its biggest one-day percentage fall since April 12.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped by $1,260 to $33,370.

“In general, it would appear that there is simply less demand in both the Atlantic and Pacific basins at the moment,” shipbroker Fearnleys stated in its weekly report on Wednesday.

“The slight flow of fresh requirements in the North Atlantic is also seeing competition from larger vessels cutting size.”

The capesize index fell 52 points, or 1.5%, to 3,460, the lowest since July 6.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, dropped by $434 to $28,694.

The supramax index fell 34 points to 2,799.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Golden Ocean launches $100m stock buyback

The Board of Directors of Golden Ocean has on October 4, 2022, authorized a share buy-back program of maximum USD 100 million to purchase...

Diana Shipping Signs Term Loan Facility With Nordea Bank

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that...

Rival of Matson can proceed with antitrust lawsuit

Two Matson Inc subsidiaries must face claims from rival container shipping company American President Lines LLC that Matson is abusing its market power over...

Major Shareholders Raise Offer for Seaspan Takeover

A consortium led by former Berkshire Hathaway Inc. executive David Sokol and Canadian investment group Fairfax Financial Holdings Ltd raised its offer to buy...

2020 Bulkers: Conversion of index-linked charter hire for Bulk Sao Paulo

2020 Bulkers has converted the index-linked charter for Bulk Sao Paulo into fixed rate charter at US$16,146 per day, gross, for the period from...

Baltic index flat as panamax gains offset capesize losses

The Baltic Exchange’s dry bulk sea freight index was little changed on Monday as...

Cyprus: Green light for one-stop-shop in shipping sector

The Parliament of Cyprus this week unanimously approved the creation of a one-stop-shop framework...

Cyprus: Green light for one-stop-shop in shipping sector

The Parliament of Cyprus this week unanimously approved the creation of a one-stop-shop framework...

Norway limits access for Russian fishing trawlers in security push

Norway said on Thursday it would impose limits on Russian fishing vessels using its...

Stolt-Nielsen: Net profit continues to improve in third quarter

Stolt-Nielsen Limited yesterday reported unaudited results for the third quarter and first nine months...

Los Angeles: Unprecedented Year Increases Port Emissions

Emissions from port-related sources increased in 2021 compared to the previous year, according to the Port of Los Angeles’ latest Inventory of Air Emissions....

Los Angeles: Unprecedented Year Increases Port Emissions

Emissions from port-related sources increased in 2021 compared to the previous year, according to the Port of Los Angeles’ latest Inventory of Air Emissions....

Greece names preferred investor for Igoumenitsa port

Greece's privatisations agency on Thursday named an Italian-led consortium as preferred bidder in the sale of a majority stake in the port of Igoumenitsa....

Piraeus Port posts all-time record in revenue & profitability

Piraeus Port Authority (PPA) S.A. reported 29.3% turnover increase for the first half of 2022, amounting to 93.1 million euros compared to 72.0 million...

Hapag-Lloyd AG acquires terminal business of SM SAAM S.A.

Hapag-Lloyd AG and SM SAAM S.A. signed a binding agreement under which Hapag-Lloyd will acquire 100 % of the shares of SAAM Ports S.A....