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The big news for ocean shipping freight rates this week is demand out of the oil-producing nations of West Africa, which is pushing up rates for the second-largest category of crude oil tanker.
The Baltic Exchange (incorporated as The Baltic Exchange Limited [1]) is a membership organisation for the maritime industry, and freight market information provider for the trading and settlement of physical and derivative contracts. Situated since Edwardian times at 24-28 St Mary Axe, London EC3, the building was destroyed by a bomb in 1992.
"Suezmax" is a naval architecture term for the largest ship measurements capable of transiting the Suez Canal in a laden condition, and is almost exclusively used in reference to tankers. The limiting factors are beam , draft , height (because of the Suez Canal Bridge ), and length [ 1 ] (even though the canal has no locks ).
Baltic Dry Index 1985 - 2022. The Baltic Dry Index (BDI) is a shipping freight-cost index issued daily by the London-based Baltic Exchange. The BDI is a composite of the Capesize, Panamax and Supramax timecharter averages. It is reported around the world as a proxy for dry bulk shipping stocks as well as a general shipping market bellwether.
The Baltic Exchange's main sea freight index gained on Thursday as rates rose across all vessel segments. * The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was ...
Dredging and tugging aimed at freeing a mega vessel stuck in the Suez Canal failed on Friday to end a blockage that has lifted shipping rates for fuel tankers and scrambled global supply chains ...
The rates that tankers can charge has risen, with a fee of $10.5m to transport 700,000b of crude, sold below the price cap, from the Baltic to India in January, compared to a fee a year earlier of $1m. [96] In March VLCC tanker rates were on average 108% higher than March 2022, Suezmax rates were up 56% and Aframax up 40% on 2022. [49]
Options trading in the dry market hit an all-time high of 409,255, up 25% on the previous year. The most heavily traded contract was settled against the Baltic Exchange's panamax timecharter assessment (PTC) which saw 1,202,432 lots traded in 2021. Tanker FFA volumes were down 16% on the previous year, reaching 553,535 lots.