Feb 11 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions as gloom over global demand continues to prevail.
The Baltic dry index is down about 98 percent from its peak of 11,793 points in May 2008, marking the lowest level since the records began in 1985.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, remained flat at 290 points.
The dry bulk sector has been particularly hurt by slower Chinese business at a time when the sector is struggling with huge overcapacity.
The capesize index was down 2 points at 206 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $20 to $2,756.
The panamax index was up 11 points, or 3.65 percent, at 312 points. Average daily earnings for panamaxes were up by $86 at $2,503.
The supramax index was down 3 points at 244 points, while the handysize index fell 2 points to 184 points. (Reporting by Kevin Jose in Bengaluru; Editing by Elaine Hardcastle)
(c) Copyright Thomson Reuters 2016.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,938 members that receive our newsletter.
Have a news tip? Let us know.
By Dimitri Rhodes Nov 7 (Reuters) – Belgian oil tanker company CMB Tech says it will focus on the fast growing market in India as it reported third quarter results...
In a bold move amidst Russia’s intensified rocket attacks on civilian ships and Ukrainian ports, Maersk has launched a new weekly container service into Ukraine, signaling resilience in the country’s...
By Robert Tuttle (Bloomberg) A tanker of Canadian crude was shipped from Vancouver to Alaska for the first time in at least 10 years as the recently expanded Trans Mountain pipeline...
Maritime and offshore news trusted by our 108,938 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
