Jan 4 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Monday inching near all-time lows, dragged down by weak Chinese demand.
The overall index, which gauges the cost of shipping cargoes including iron ore, cement, grain and coal, fell five points or 1.05 percent, to 473 points.
The index hit an all-time low of 471 points on Dec. 16, the lowest in records that date back to January 1985.
China’s factory activity contracted for the 10th straight month in December and at a sharper pace than in November, a private survey showed, dampening hopes that the world’s second-largest economy will enter 2016 on a more stable footing.
Chinese rebar futures fell 0.7 percent on the first trading day of 2016 despite rising spot prices, with underlying demand still weak.
Iron ore, the key ingredient for steelmaking, gave up early gains as a global supply glut and shrinking demand in top consumer China is expected to weigh on the commodity in 2016.
Chinese imports of coal and iron ore have remained weak in recent months and worries over the health of the global economy have also dented dry bulk shipping prospects.
The panamax index gained 2 points, or 0.43 percent, at 464 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $14 to $3,706.
The capesize index, was up two points at 472 points, even as average daily earnings decreased $154 to $4,811. Capesizes typically transport 150,000 tonne cargoes such as iron ore and coal.
Among smaller vessels, the supramax index shed one point at 449 points, and the handysize index slipped three points to 267 points. (Reporting by Vijaykumar Vedala in Bengaluru)
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2487
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.