Sunday, October 1, 2023
HomeHeadlinesBaltic index hits over 3-month low amid lower coal imports

Subscribe

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

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight on Thursday, hitting its more than three-month low as shipping rates fell across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 40 points, or 4.1%, to its lowest since Feb. 24 at 937.

Weaker demand for imported coal in Europe, improved supply and a seasonal lull in some of the coal trades into China are the factors pressuring overall index, said Alexis Ellender, dry bulks analyst at Kpler.

The capesize index lost 74 points or 6.1% at 1,144, hitting its lowest level since March 2.

“Bumpy economic recovery in China could weigh on the freight market in the future. However, the demand for coal and other commodities is expected to rebound in the upcoming months due to seasonal factors,” Ellender added.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $612 to $9,487.

The panamax index (.BPNI) shed 15 points or 1.4% to 1,030 – its lowest since Feb. 22.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $135 to $9,270.

“With a distinct lack of activity in the Atlantic basin, sentiment remained weaker with rates continuing to slide,” shipbroker Fearnleys wrote in a note dated Wednesday, referring to panamax segment.

Among smaller vessels, the supramax index lost 34 points, or about 3.9%, at 847, to hit its lowest since late February.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

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...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

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...

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)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...