Wednesday, February 8, 2023
spot_img
HomeHeadlinesBaltic index edges higher on stronger capesize rates

Subscribe

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

Baltic index edges higher on stronger capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Thursday as capesize vessel rates firmed.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 40 points, or 1.2%, to 3,281.

“Looking ahead, we believe the global economic recovery and infrastructure spending by various governments will drive increased demand for dry bulk commodities, further supporting shipping rates,” analysts at Jefferies said in a note.

The capesize index was up 150 points, or 4.3%, at 3,649.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased by $1,242 to $30,260.

The panamax index dropped 22 points, or around 0.5%, to 4,128, falling for a fourth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, reduced by $195 to $37,152.

The supramax index fell 12 points to 2,897.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Royal Caribbean set for record bookings after smaller loss

Royal Caribbean Group reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted Loss per Share of $(1.12). These results exceeded the company's...

Frontline: Emergency Arbitration claims initiated by Euronav fully dismissed

Frontline plc, formerly Frontline Ltd., announces that the Emergency Arbitration claims filed by Euronav have been fully dismissed by the Emergency Arbitrator. The decision was...

DP World reports solid volume performance in 2022

DP World Limited handled 79.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2022, with gross container...

LNG boosts CPLP 2022 results

Capital Product Partners L.P. released its financial results for the fourth quarter ended December 31, 2022. Highlights  Three-month periods ended December 31, 20222021Increase/(Decrease)Revenues$79.9 million$63.6 million26%Expenses$42.1 million$35.7...

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Royal Caribbean set for record bookings after smaller loss

Royal Caribbean Group reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted...

Baltic Index Extends Fall On Lower Rates For Panamax, Supramax

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits nearly three-year low on weaker vessel demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Clarkson Port Services acquires offshore renewable energy service provider, DHSS

Clarkson announced that its wholly owned subsidiary, Clarkson Port Services, has completed the acquisition of DHSS, a leading provider of integrated logistics services to...

DP World reports solid volume performance in 2022

DP World Limited handled 79.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2022, with gross container...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...