Monday, June 5, 2023
HomeHeadlinesBaltic index scales 13-year peak on strong rates across vessels

Subscribe

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

Baltic index scales 13-year peak on strong rates across vessels

The Baltic Exchange’s main dry bulk sea freight index rose to its highest level in 13 years on Monday, bolstered by robust demand across all vessel segments, especially capesizes.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 73 points, or 1.6%, to 4,717, its highest since September 2008.

Shipping analysts have attributed the recent rally in the dry bulk market to global shipping constraints, port congestion in China due to COVID-19 and an overall rebound in commodities demand.

The capesize index increased by 207 points, or 3%, to 7,600, hitting its highest in nearly 12 years.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $1721 to $63,030.

“Dry bulk rates should remain firm as demand growth is expected across all dry bulk commodities, with capesize rates likely to outperform during second half of 2021,” brokerage Jefferies said in a note.

Chinese iron ore futures gained on Monday, rising more than 5% above a key 700-yuan ($108.26) level, while steel rebar and hot-rolled coils increased amid production controls due to power cuts

The panamax index rose 8 points to 4,020, its highest in 11 weeks.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased $76 to $36,180.

The supramax index rose 4 points to 3,363, its highest in over three weeks.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

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...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...