Thursday, March 30, 2023
HomeHeadlinesBaltic index posts second-biggest jump as vessel rates rebound

Subscribe

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

Baltic index posts second-biggest jump as vessel rates rebound

The Baltic Exchange’s main sea freight index posted its second-biggest jump ever on Thursday, as rates for all vessel segments rebounded from their multi-year lows, led by capesizes.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 142 points, or about 21.1%, at 816, an over one-month high.

The index, extending gains to a fifth session, recorded its biggest jump since mid-June 2020, according to Refinitiv data going back till 1985.

The capesize index gained 183 points, or about 47%, to nearly a month’s high of 573.

Average daily earnings for capesize, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $1,519 to $4,754.

“There is still a good number of owners who prefer to let their ships wait and their persistence will be a key factor in getting returns further up,” shipbroker Fearnleys wrote in a weekly report, referring to the capesize segment.

The panamax index was up 218 points, or about 23%, at 1,169 — its highest since Jan. 10. It posted a record daily percentage increase as far as data goes back to May 1998.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $1,963 at $10,520.

Bumper soybean harvests in Brazil and unsold grains stocks in the United States are set to boost dry bulk shipping rates as buyers, including China, restock after supply shocks last year, leading freight operators said.

New maritime environmental regulations introduced in 2023 are also expected to mean ships slow down speeds to cut emissions, reducing vessel availability.

Among smaller vessels, the supramax index (.BSIS) rose 68 points to 940, marking its eight consecutive day of gains.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

TORM announces secondary public offering of Class A common shares

TORM announced the commencement of a secondary public offering of 5,000,000 of the Company’s Class A common shares by OCM Njord Holdings S.à r.l.,...

Lomar Appoints Marius Bujor As Technical Director

Lomar Shipping, the shipping subsidiary of the Libra Group, has announced the appointment of Marius Bujor as its new Technical Director. Based in the...

EXMAR Reports Improved 2022 Results

During its meeting of 28 March 2023, the Board of Directors of EXMAR reviewed the results for the year ending 31 December 2022. HIGHLIGHTS 2022 ·...

Carnival Corp Posts Smaller-Than-Expected Quarterly Loss

Cruise operator Carnival Corp on Monday reported a smaller-than-expected quarterly loss and beat estimates for revenue, helped by resilient demand for leisure travel, higher...

Eva Birgitte Bisgaard steps down as chief commercial officer at Maersk Tankers

Eva Birgitte Bisgaard is stepping down from her role as chief commercial officer at Maersk Tankers. Christian M. Ingerslev, chief executive officer of Maersk Tankers,...

Wartsila sees role for ethanol in fragmented bunker fuel landscape

Wartsila is seeing a potential role for ethanol in the shipping industry’s multi-fuel future,...

Baltic index ticks up on firm demand for larger vessels

The Baltic Exchange’s main sea freight index edged up on Wednesday on higher rates...

Baltic index drops to a near 3-week low on lower vessel demand

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

Baltic index falls on lower vessel demand

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

Global Goods Trade Softening from 2022’s Record Level

International commerce soared to a record of $32 trillion in 2022, but goods trade...

APM Terminals to double capacity in Rotterdam port

APM Terminals, a subsidiary of Danish shipping company Maersk MAERSKb.CO, plans to double its capacity at Rotterdam Port, a spokesperson for the company said...

APM Terminals announces strategic partnership in Vietnam

APM Terminals engages in a strategic partnership with Vietnamese HATECO group for a project to develop two new deep-water berths at Lach Huyen port...

Russia-Bound Containers Stuck At Antwerp Port For Over A Year

Five Russia-bound containers from India’s Jindal Stainless Ltd (JSL) JIST.NS have been stuck at the Belgian port of Antwerp for around a year, unable...

Drewry: Port Throughput Index Down 4.5% Year-on-Year

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of...

Port of Los Angeles moves 487,846 container units in February

The Port of Los Angeles processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February’s all-time record. “February declines were...