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Baltic index drops to more than 4 month low as capesize rates dip

Logistic News - Published on Thu, 18 Jan 2018

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Reuters reported that the Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a more than four-month low, as capesize rates dropped to their lowest since August last year. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost 43 points, or 3.4 percent, to 1,221 points, the lowest since September 5th.

The capesize index fell 221 points, or 9.91 percent, to 2,010 points, its lowest level since Aug. 10 last year. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined USD 1,506 to USD 15,158.

Jefferies analysts wrote in a note, the dry bulk demand could see downward pressure in the coming weeks due to the Chinese New Year.

However, accelerating global economic growth combined with minimal new dry bulk shipyard deliveries should translate to better earnings in 2018, they added.

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Posted By : Nanda Koijam on Thu, 18 Jan 2018
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