Baltic freight index continued to decline over the second consecutive week

01.06.2018

Last week Baltic freight index lost 196 points or 15.02%, and closed the week at 1109 points. BDI continued its rapid decline over the second consecutive week, reports UkrAgroConsult. In the previous week Baltic freight index lost 148 points or 10.19%, reaching 1305 points.

Capesize Index fell by more than 26% due to the reduction of trading activity in the Atlantic basin. High iron ore stocks in Chinese ports had a negative impact on sea transportation volumes of this type of raw materials.

It is worth noting that the situation in the Panamax segment was not in favor of ship owners in the South Atlantic region. The delivery cost of 55 KMT of grain from Brazil to China fell by USD 1/MT to USD 32-33/MT. Free tonnage influx forced ship owners to cut freight rates.

Detailed information on freight market developments is available to subscribers for weekly market report "Black Sea Grain" and "Online market review" by UkrAgroConsult.

 

UkrAgroConsult

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