Fri May 18, 2012
May 18 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose on Friday as rates for smaller panamax vessels rebounded.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, was up 4 points at 1,141 points.
The Baltic's panamax index rose 0.35 percent, snapping a 14-day losing streak. Average daily earnings for panamax vessels, which usually transport 60,000-70,000 tonne cargoes of coal or grains, rose $129 to $10,159.
"Intoxicated by some areas being tight for tonnage, owners (panamax) predict an Atlantic market on the rise despite falling indices," broker firm Fearnleys said in its weekly report.
Panamax spot rates had been falling on a drop in seasonal South American grain fixtures coupled with oversupply of vessels.
The Baltic's capesize index was down 5 points at 1,633 points.
Rates for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $78 at $8,905.
Capesize rates continue to edge higher, but gains seem to be slowing as charterers and buyers reassess demand in the wake of the global market turmoil, RS Platou Markets analysts said in a note.
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 Keiron Henderson)
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