Tuesday, October 3, 2023
HomeHeadlinesBaltic sea freight index falls on lower capesize rates


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

Baltic sea freight index falls on lower capesize rates

The Baltic Exchange’s main sea freight index snapped a three-session long streak of gains on Tuesday, due to a fall in capesize and supramax rates.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 19 points, or about 1.7%, at 1,114 points, its lowest in over a week.

The (dry bulk) market lacks any positive indication in the near term and demand-side fundamentals have a fair amount of uncertainty, Allied Shipbroking said in a weekly note.

There is a considerable amount of market risk arising from the poor economic indicators of G20 economies, Allied added.

But over the mid to longer term, demand fundamentals remain positive, making the outlook for the dry bulk sector “cautiously positive”, Athens-based EastGate Shipping said.

The capesize index also snapped its three session gain streak, losing 116 points, or 13.7%, to 728 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, fell by $963 to $6,037.

The panamax index was up 86 points, or 6.48%, at 1,327 points, marking its biggest gains in almost seven months.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was up $774 to $12,715.

Major grain supplier, Brazil’s expected increased soyabean exports in the 2022/23 season “gives hope to earnings’ projections for the medium-sized bulkers that tend to carry the commodity in longhaul voyages”, EastGate said.

The supramax index fell for an eighth consecutive session, losing 11 points to 1,487 points.

Source: Reuters

Related Posts


Finance & Economy
Shipping News

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...

MSC to buy 50% stake in Italian passenger rail group Italo

Shipping group MSC has entered into a binding agreement to acquire a 50% stake...

Higher capesize rates drive Baltic index higher

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

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...

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)...