Monday, February 6, 2023
spot_img
HomeHeadlinesBaltic index edges lower on capesize dip

Subscribe

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

Baltic index edges lower on capesize dip

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, inched down on Tuesday as a dip in the capesize segment offset gains in smaller vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, shed one point to 3,281 points.

The capesize index lost 26 points, or 0.6%, to 4,246 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $213 at $35,216.

The panamax index was up 17 points, or 0.5%, at 3,307 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $156 to $29,766.

Weekly iron ore shipments from Australia and Brazil fell by 147,000 tonnes from a week earlier to 24.7 million tonnes as of Aug. 1, data from Mysteel consultancy showed.

The supramax index rose 10 points to 2,969 points.

The world’s biggest container shipping company, A.P. Moller-Maersk, on Monday lifted its full-year earnings outlook on chaotic conditions in the global supply chain due to the coronavirus pandemic.

Overall, container capacities are still in short supply, which continues to drive up freight costs, and the trend reversal does not yet seem to be imminent, Commerzbank said in a note on Tuesday.

The Baltic Exchange’s main index has more than doubled in the last 12 months.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

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...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

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...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

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...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...