rss icon Subscribe
desktop mobile

Baltic Index Down for 9th Session in a Row

© Infinitum Produx / Adobe Stock

by Shreyansi Singh

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for a ninth straight session on Friday, on weaker demand for capesize and panamax vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 50 points, or 3.5%, to 1,378. The index was down 18.8% for the week, its biggest weekly decline since February.

The capesize index was down by 73 points, or 2.9%, to 2,444, its lowest since June 26. The index was down 17.2% for the week, marking its fourth weekly decline. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $614 to $19,716.

Meanwhile, iron ore futures in China touched a three-week low in early trade on Friday as prospects of easing winter demand for steel weighed on prices of the key raw material. Capesize is softening from short-term C3 route - Brazil to China - weakness, said Randy Giveans, vice president, equity research at Jefferies. Also, coal to China is temporarily slow.

The panamax index dropped 50 points, or 3.7%, to 1,290, extending its losing streak to a nineteenth straight session. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $400 to $10,364. The index was down 14.7% for the week.

The supramax index shed 41 points to 824.

Reporting by Shreyansi Singh

Nov 8, 2019

 

People & Company News

Inmarsat Extends Seafarer Support

© Alex Stemmer / Adobe Stock

Satellite communications provider Inmarsat says it continues to ramp up its response to COVID-19

CMA CGM Aims to be Carbon Neutral by 2050

© Kara / Adobe Stock

French-based CMA CGM, the world’s fourth-largest container shipping group, said on Tuesday it

Future Floating Homes: Naval Arch Students Meet the Challenge with Green Tech

First place (2000 Euros) was won by DAO Innovation, from Romania. Image courtesy: ShipDX/GLO Marine

Naval architecture students in Galati, Romania and Gdansk, Poland, used their technical and soft

Bulk Carriers

Diana Charters Capesize to Koch Shipping

© John Regan / MarineTraffic.com

Dry bulk shipowner Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary

Dalian Exchange Calls for 'Rational' Iron Ore Trade

© Peter / Adobe Stock

China's Dalian Commodity Exchange on Tuesday asked members to act "rationally" in iron ore futures

Demand for Brazil Grains Rise as Argentine River Shipments Hit Snag

© Imago Photo / Adobe Stock

Global demand for Brazilian grains is growing as Argentina and Paraguay struggle with low water

Maritime Apps