Jan 15 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, marking its first gain this year, driven by higher capesize rates.
* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 4 points or 0.29 percent to 1,374 points.
* The Baltic’s capesize index rose 30 points or 1.64 percent to 1,862 points after having fallen about 54 percent this year.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $280 to $13,168. The increase in capesize rates has come after consecutive drops in all the last nine sessions this year.
* The panamax index slipped 8 points or 0.51 percent to 1,572 points.
* Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grains, were down $54 to $12,534 on Wednesday.
* Shipping association BIMCO said last week that it expects dry bulk demand to grow at 4.5 to 6 percent, driven forward by the major bulk trades of iron ore, steam coal and coking coal, with grain in a supporting role.
“China remains in the driving seat, a scenario that will benefit the larger ships more than the smaller ones,” BIMCO’s chief shipping analyst Peter Sand had said. (Reporting by Koustav Samanta in Bangalore, editing by William Hardy)
(c) 2014 Thomson Reuters, All Rights Reserved
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,923 members that receive our newsletter.
Have a news tip? Let us know.
Greenland residents vote on Tuesday in a closely watched election brought into the international spotlight by a pledge from U.S. President Donald Trump to take control of the mineral-rich island.
The frequency of cable incidents in the Baltic Sea has been "exceptional" in recent years, but state actors have more effective ways of performing underwater sabotage than by dragging anchors, Finland's intelligence service chief said.
U.S. President Donald Trump is expected to decide on Monday what levels of tariffs he will impose early on Tuesday on Canada and Mexico amid last-minute negotiations over border security and efforts to halt the inflow of fentanyl opioids.
Maritime and offshore news trusted by our 108,923 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
