Dec 7 (Reuters) – The Baltic Exchange’s main sea freight index tracking rates for ships carrying dry bulk commodities fell on Monday on sliding demand across nearly all vessel segments.
The overall index, which gauges the cost of shipping cargoes including iron ore, cement, grain, coal and fertiliser, fell 12 points, or 2.13 percent, to 551 points.
The dry cargo shipping industry has been hurt this year by the global commodities meltdown and a wave of ship deliveries, and more vessels are expected to become operational in the coming months.
The Baltic index is seen by investors as an indicator of global industrial activity.
The capesize index fell 38 points, or 4.27 percent, to 852 points as average daily earnings for capesize vessels fell $341 to $7,522. Capesizes typically transport 150,000-tonne cargoes such as iron ore and coal.
The panamax index, for ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped seven points, or 1.62 percent, to 426 points. Average daily earnings for panamaxes fell by $54 to $3,404.
Among smaller vessels, the handysize index remained unchanged at 286 points, and the supramax index fell four points to 465 points. (Reporting by Nithin Prasad in Bengaluru; editing by Jason Neely)
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
Total Views: 1444
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.