Feb 2 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its slide on Monday, hitting a new near-three decade low as rates for all four vessel segments fell.
The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was down 18 points, or 2.96 percent, at 590 points, the lowest since August 1986.
“The dry bulk market has seemingly gone dead silent, with worries circulating amongst many owners that there is little reason to operate vessels under the currently prevailing freight rates,” George Lazaridis, head of market research and asset valuations at Allied Shipbroking, said in an weekly shipping market note published on Monday.
The capesize index shed 14 points, or about 2.06 percent, to 665 points.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $103 to $6,604.
The panamax index was down 28 points or 5.51 percent at 480 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $230 to $3,830. Both are at their lowest in seven months.
The supramax index was down 18 points at 567 points, while the handysize index slipped 8 points to 332 points. (Reporting by Anupam Chatterjee in Bangalore, editing by David Evans)
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
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,...
April 19, 2024
Total Views: 2193
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.