Home Cargo Dry Bulk: Vessel Demand Wanes

Dry Bulk: Vessel Demand Wanes

by admin
0 comment

The Baltic Exchange’s dry bulk sea freight index fell for the sixth consecutive session on Thursday to mark its worst day since mid-September, as rates slipped across all vessel segments.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, fell 55 points, or about 3%, to 1,818.

The capesize index fell 105 points, or about 4.8%, to 2,094.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel making ingredient iron ore used in construction, fell $876 to $17,365.

Iron ore futures dipped, with the Dalian benchmark hitting a three-week low, as hopes faded for China to relax its stringent zero-COVID policy, while waning demand for the steelmaking ingredient dragged spot prices to an 11-month low.

The panamax index lost 59 points, or 2.8%, to a 10-day low of 2,088.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped $527 to $18,796.

“Some spoke of certain grain trips paying a premium over mineral trades, but a wide bid/offer gap curtailed any decent activity,” shipbroker Fearnleys said on its website, referring to the panamax segment.

The supramax index was down 12 points at 1,696.


You may also like

About Us

CargoNewsToday.com is a blog about the latest developments in the global logistics and transport industry.


@2024 – Cargo