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Baltic Dry Index Death Spirals to Near 30-Year Low

marinesalvage by marinesalvage
July 6, 2024
in News
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Baltic Dry Index Death Spirals to Near 30-Year Low
Baltic Dry Index Death Spirals to Near 30-Year Low

Baltic Dry Index Death Spirals to Near 30-Year Low

reuters logoLONDON, Jan 29 (Reuters) – The Baltic Exchange’s major sea freight index, which tracks charges for ships carrying dry bulk commodities, spiralled downwards to its lowest degree in almost three a long time as charges for all of the 4 vessel varieties continued to flounder.

The general index, which gauges the price of delivery assets together with iron ore, cement, grain, coal and fertiliser, was down 34 factors, or 5.11 p.c, at 632 factors, the bottom since August 1986. The index can also be seen by traders as an indicator of world industrial exercise.

Brokers stated the dry bulk market was anticipated stay within the doldrums as a consequence of weak commodity demand at current particularly from prime world importer China.

“Dry bulk remains under pressure across all segments on the back of very thin spot demand,” Omar Nokta of Clarkson Capital Markets, stated.

Weak demand for commodities, akin to iron ore, has put strain on smaller, higher-cost producers and this has taken its toll on the dry freight market.

“We believe that despite softer prices/margins, low cost Australian producers will continue to meet targeted production with negative implications for dry bulk tonne-mile demand,” Wells Fargo Securities analyst Michael Webber stated, referring to producers akin to Rio Tinto and BHP Billiton.

Tonne miles are a key indicator of delivery demand, measuring the quantity of the transported cargo multiplied by the space of the voyage.

The capesize index shed 60 factors, or about 7.64 p.c, to 725 factors.

Average each day earnings for capesize vessels, which generally transport 150,000-tonne cargoes akin to iron ore and coal, declined $364 to $6,992.

The panamax index was down 70 factors or 11.29 p.c at 550 factors. Average each day earnings for panamaxes, which often carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $555 to $4,392. Both are at its lowest ranges since June 27, 2014.

The supramax index was down 19 factors at 599 factors, whereas the handysize index slipped 8 factors to 348 factors. (Reporting by Jonathan Saul in London and Vijaykumar Vedala and Kevin Jose in Bengaluru, enhancing by William Hardy and Jane Merriman)

(c) 2015 Thomson Reuters, All Rights Reserved

Baltic Dry Index Death Spirals to Near 30-Year Low

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