Sunday, June 11, 2023
HomeHeadlinesDips across segments drag Baltic index to 5-month low

Subscribe

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

Dips across segments drag Baltic index to 5-month low

The Baltic Exchange’s main sea freight index hit its lowest in over five months on Thursday as rates across vessel segments extended their retreat.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, logged its worst daily fall in a fortnight, shedding 62 points, or 3.1%, to 1,945 points, its lowest since Feb. 17.

The capesize index lost 143 points, or 6.1%, to a three-week low of 2,190 points, heading into the fourth straight session of declines.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down by $1,190 at $18,162.

However, global coal demand is set to rise slightly this year to match a record high reached nearly a decade ago, the International Energy Agency said, as gas prices have soared.

The panamax index was down 11 points, or 0.53%, at 2,065 points, the lowest in a week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $99 to $18,581.

Finding enough seafarers willing to sail ships stuck inside Ukraine’s ports is set to pose a major challenge to the proposed grains corridor designed to ease an international food crisis.

The supramax index logged its worst drop in 15 days, losing 35 points to 2,003 points, its lowest since Feb. 9.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Trafigura publishes 2023 interim results showing a strong performance

Trafigura, a market leader in the global commodities industry, released its 2023 Interim Report today for the six-month period ended 31 March 2023. The results...

Globus Q1 results hit by weak dry bulk market

Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2023. Revenue $8.6 million...

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....

Celestyal Participates In Promotion Of The Tourist Destination Of Central Macedonia

Celestyal, the award-winning, number one choice for travellers to the Greek Islands and the...

Capesize, panamax gains drive Baltic index higher

The Baltic Exchange’s main sea freight index rose for a fourth straight session on...

Baltic rises to over 3-month peak on firm demand for larger vessels

The Baltic Exchange’s main sea freight index rose on Wednesday to scale its highest...

Baltic index logs best day in nearly 3 months

The Baltic Exchange’s main sea freight index posted its biggest single-day gain since mid-March...

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...

Iraklio port tender set for another delay

The opening of the binding financial offers for 67% of Iraklio Port Authority had been scheduled for Thursday, but this is no longer expected...

APM Terminals extends concession of Kalundborg container terminal

APM Terminals has reached an agreement with the Port of Kalundborg to extend the concession of Kalundborg container terminal by 10 years to 2033. In...

US West Coast port workers shut terminals in showdown over pay

The employers of more than 22,000 dock workers at U.S. West Coast seaports on Friday said the union representing those laborers “is staging concerted...

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...