Sunday, February 5, 2023
spot_img
HomeHeadlinesBaltic index ends four-day rally on capesize weakness

Subscribe

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

Baltic index ends four-day rally on capesize weakness

The Baltic Exchange’s dry bulk sea freight index snapped four straight sessions of gains on Wednesday as a drop in capesize rates outweighed gains in the smaller vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, lost 61 points, or 2.3%, to 2,654 points.

The capesize index shed 233 points, or 5.8%, to 3,822.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $1,937 to $31,694.

Chinese coking coal futures surged more than 13%, boosted by improving sentiment in the property market and expectations of higher steelmaking demand at mills.

Following a rebound in Chinese steel mill profits, more iron ore purchases and a return to seaborne coal ahead of the heating season are expected to support the dry bulk market, shipbroker Intermodal said in a weekly note dated Tuesday.

The panamax index rose 45 points, or 1.9%, to 2,378, its highest level since Nov. 17.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $405 to $21,405.

The supramax index added 12 points to its highest in a week at 2,255.

Fundamental drivers of coal demand, increased congestion at Pacific discharge ports and a rebound in iron ore exports will help the dry bulk market rebound from its recent decline, before heading into the seasonal weakness in the first quarter of 2022, Intermodal said.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

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...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

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...