Waning Demand Across All Sectors Drags on Baltic Index
The Baltic Exchange's main sea freight index fell for a ninth straight session on Wednesday to a two-week low, hurt by weaker demand across vessel segments.The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 27 points, or 1.5%, to 1,779, its lowest in over two weeks.The capesize index slipped 71 points, or 2.4%, to 2,873, its lowest in more than three months. The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $463 to $23,740.The panamax index dropped 25 points, or 1.4%, to 1,770.
LNG Traders Mull Shipping Options
Traders are starting to make enquiries to book vessels to store or ship liquefied natural gas (LNG) as they bet for winter demand to boost prices for spot cargoes which are trading near record lows, multiple industry sources said on Friday.Enquiries are trickling in for booking vessels on a spot basis, ranging from a period of one month to several months, which is expected to push shipping rates up, the sources said.With Asia LNG spot cargoes trading at below $4 per million British thermal units…
