Tuesday, October 3, 2023
HomeHeadlinesBaltic index hits 8-month low as smaller vessels weigh

Subscribe

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

Baltic index hits 8-month low as smaller vessels weigh

The Baltic Exchange’s dry bulk sea freight index slipped for an eighth straight session to its lowest level since mid-April, hurt by a decline in rates across its smaller panamax and supramax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 8 points, or 0.3%, to 2,371, its lowest since April 15.

The capesize index added 80 points, or 2.9%, to 2,807, snapping an eight-session losing streak.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $670 to $23,283.

Singapore iron ore futures rose for a third straight session, buoyed by renewed optimism over demand for the steel-making ingredient in the short term as signs emerged that top steel producer China is back to ramping up output this month.

The panamax index lost 88 points, or 3.6%, to its lowest in a month at 2,356.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $790 to $21,204.

The supramax index fell 33 points to 2,436, its lowest level in over two weeks.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

TOP Ships Announces Reverse Stock Split

TOP Ships announced that it has determined to effect a 1-for-12 reverse stock split of the Company’s issued common shares. The Company’s shareholders approved the...

Carnival Earnings Outlook Misses While Fuel Costs Near 15-Year High

Carnival Corp. posted a profit for the first time since 2020 but issued a fourth quarter earnings outlook that missed Wall Streets’ expectations as...

Sphinx Investment Corp Increases Stake in OceanPal

On September 28, 2023, an OceanPal SEC filing revealed that Sphinx Investment Corp. had raised its ownership in OceanPal, now holding a substantial stake...

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Baltic index snaps 4-day winning streak as capesize rates slip

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

Baltic index scales 11-month peak on strong capesize rates

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

Baltic index scales over 9-month high on capesize surge

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

Baltic index rises to over 4-month high on stronger capesize rates

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

Houston-Japan VLGC freight rates reach multi-year high

VLGC freight rates from Houston to Chiba, Japan, reached $245/mt Sept. 21 for the...

Ukraine: 5 More Cargo Ships Head For Black Sea Ports – report

Five more ships are on their way to Ukrainian sea ports using a new corridor opened to resume predominantly agricultural exports, an alternative arrangement...

Piraeus Port reports strong H1 2023 results

The Piraeus Port Authority SA, which operates Greece’s biggest and busiest port, reported a 48.8-percent increase in pre-tax earnings for H1 2023 – 49.4...

Greece names Thessaloniki port operator preferred bidder for Volos port

Greece’s privatisation agency has named the operator of Thessaloniki port as the preferred bidder for acquiring a 67% stake in the port of Volos,...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...