Baltic Index gains on stronger big vessel activity
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week over week. The BDI was up by 8.35 per cent from the last week and Panamax Index was up 11.93 per cent or increased 159 points in a week.
The Cape Index was up by 18.69 per cent week over week. The BCI increased 279 points week over week to 1772 on 26 January 2018.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global supply and demand for shipping of commodities was reported an increase of 8.35% week over week and ended at 1219 points on 26 January 2018. The index peaked at 11,793 points in May 2008.
The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed steady, week over week, owners were rating at around US$ 8,000 – 8,500 per day, while the Panamax vessels were rated at around $ 12,000 per day delivery Shanghai area, says Vistaar Shipping Services India.
The freight market was continued firm in all segments week over week.
According to Vistaar, the futures for three years (2018-2020), the Cape-size ships were at US$ 17500 per day, the Panamax at US$ 10,500 per day, Supramax at US$ 10,500 per day and Handy size at US$ 8700 per day.
According to Vistaar, the freight rates are expected to be steady to firm this week.
The Brent crude oil price was closed at $70.52 per barrel 2.78% higher than the same period last week.
According to ship & bunker, the bunker prices were closed at $ 400 pmt (IFO 380 CST ex. Singapore on 26 January 2018). IFO 380 Prices up 1.65 per cent week over week, up 4.03% month over month and up 21.02% year on year.