Wed May 16, 2012
May 16 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose on Wednesday after a five-day losing streak as activity for large capesize vessels picked up.
The overall index, a gauge of the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, rose seven points or 0.62 percentage to 1,137 points.
The Baltic's capesize index was up 19 points to 1,632 points.
Rates for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were up $328 at $8,921.
"We note a rise in Capesize spot fixture activity in both the Atlantic and Pacific basin likely to push rates higher from current levels," RS Platou Markets analysts said in a report.
Most of the positive support is coming from the improving Atlantic basin, Greek broker Intermodal said in a weekly report.
The Baltic's panamax index fell 1.33 percent, with average daily earnings down $130 at $10,101.
Panamax spot rates have been falling on a drop in seasonal South American grain fixtures coupled with oversupply of vessels.
"Activities from the east coast of South America continues to be slow, while both basin charters seem to be taking a wait-and-see attitude expecting further drops to be witnessed over the next couple of days," Intermodal said.
"Tonnage list have swollen considerably in the Pacific leaving little hope for any improvement to be seen by Friday."
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, has fallen about 35 percent this year.
(Reporting by NR Sethuraman in Bangalore; Editing by Anthony Barker)
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