Join our crew and become one of the 107,093 members that receive our newsletter.

bulk carrier ballast water

File Photo: By sunsinger / Shutterstock

Weak Vessel Demand Drags Baltic Dry Index Down Further

Total Views: 1249
January 12, 2023

Jan 12 (Reuters) – The Baltic Exchange’s main sea freight index on Thursday posted its worst day since the start of this year on lower demand across all vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 67 points, or 6.4%, at 976, its lowest since early September.

* The capesize index lost 121 points, or 8.2%, at 1,349.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,000 at $11,188.

* Cargo activity is expected slow down dramatically during the Chinese New Year holidays, shipbroker Fearnleys said. The upcoming rainy season in Brazil is adding to market uncertainty.

* The panamax index dropped 42 points, or 3.7%, to 1,084, a two-and-a-half-year low. The index has not gained in 14 sessions.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $380 to $9,757.

* Among smaller vessels, the supramax index fell 47 points to 715.

* Meanwhile, iron ore futures rose for a third straight session, with the Singapore benchmark scaling a fresh six-month high, underpinned by continued optimism about demand prospects in top steel producer China.

* The Buenos Aires grains exchange said on Wednesday it could slash its forecast for Argentina’s 2022/23 soybeans and corn production by up to 25% if a prolonged drought in the country’s agricultural region continues.

(Reporting by Harshit Verma in Bengaluru; Editing by Shilpi Majumdar)

(c) Copyright Thomson Reuters 2023.

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


Maritime and offshore news trusted by our 107,093 members delivered daily straight to your inbox.

gCaptain’s full coverage of the maritime shipping industry, including containerships, tankers, dry bulk, LNG, breakbulk and more.