Thu Apr 26, 2012
April 26 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose for a 12th straight session on Thursday, driven primarily by gains in panamax rates.
The overall index, a gauge of the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, edged up 11 points or 0.97 percent to 1,148 points.
"Transatlantic round voyage rates for panamaxes have more than doubled in the past month as owners sensed a strong window of opportunity in the South American grain export season and kept increasing their rate ideas," RS Platou Markets analysts said in a note.
The Baltic's panamax index rose 2.07 percent, with average daily earnings at $13,798, extending its high for the year.
"The Panamax market took a good jump this week with rates firming up in both hemispheres," said broker firm Fearnleys in its weekly report.
Average daily earnings for handysize also were on an upward trend and continued to set new highs for the year with rates at$8,775. Rates for supramax ships were up at $11,471.
The Baltic's capesize index dropped 0.59 percent to 1,505 points.
"Fresh business was reported (for capesize), but not enough to outpace the supply of tonnage," ship broker BRS said in a report.
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, has fallen about 34 percent this year.
(Reporting by NR Sethuraman in Bangalore, editing by William Hardy)
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