Join our crew and become one of the 104,781 members that receive our newsletter.

dry bulk ship, bulker

Baltic Index Ends Second Straight Week of Gains

Reuters
Total Views: 7
February 26, 2016

Reuters

Feb 26 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying industrial commodities, rose further on Friday on stable rates for smaller vessels and panamaxes.

The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser was up two points at 327 points.

The index, which has fallen over 30 percent so far this year, touched an all-time low of 290 points on Feb. 10.

The capesize index was down 5 points at 177 points, recording a new all-time low.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $61 to $2,396.

Freight rates for capesize bulk carriers on key Asian routes are likely to remain around current levels as the market has too much tonnage for current cargo volumes, ship brokers said.

The dry bulk sector has taken a beating from the slowdown in Chinese business at a time when the sector is struggling with huge overcapacity.

The panamax index rose 6 points to 352 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was up $45 at $2,823.

Among smaller vessels, the supramax index was up 5 points at 333 points, while the handysize index rose 3 points to 212 points. (Reporting by Apeksha Nair in Bengaluru)

(c) Copyright Thomson Reuters 2016.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,781 members delivered daily straight to your inbox.

Join Our Crew

Join the 104,781 members that receive our newsletter.