Sept 30 (Reuters) – The Baltic Exchange’s main sea freight index, which gauges the cost of shipping commodities such as iron ore, cement, grain and coal, fell on Monday on lower demand for bigger vessels.
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 43 points or 2.1 percent to 2,003 points.
The Baltic’s capesize index slipped 114 points or 2.87 percent to 3,853 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $1,598 or 4.2 percent to $36,425.
“There is a sense that freight rates will remain well supported in the coming weeks although holidays in Asia for all of this coming week are expected to limit overall fixture activity,” Omar Nokta, senior analyst at GHS Research said, referring to markets in China being closed for a week from Tuesday for Golden Week celebrations.
“This week’s holidays likely brought forward some capesize fixture demand last week, leaving this week to be somewhat quieter,” he said.
The Baltic’s panamax index lost 5 points or 0.28 percent at 1,795. * Average daily earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grains, were down $48 at $14,388. (Reporting by Shruti Chaturvedi in Bangalore; Editing by Louise Ireland)
Swiss marine power company WinGD will record the first installation of its new X-S short-stroke engine design following successful factory acceptance tests with engine builder Dalian Marine Diesel in March....
By Yimou Lee TAIPEI, March 7 (Reuters) – China has stepped up grey-zone warfare against Taiwan, aiming to make the areas around the democratic island “saturated” with balloons, drones and civilian boats,...
Austal USA has kicked off plans to construct a new manufacturing facility, marking a significant expansion of its shipyard capacity in Mobile, Alabama in support of U.S. Navy and Coast...
February 6, 2024
Total Views: 1756
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.