Wed Jun 13, 2012
June 13 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose for a fourth straight session on Wednesday as higher rates for smaller vessels offset the slump in larger capesize rates.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, rose 9 points or 1.01 percent to 902 points.
The Baltic's panamax index rose 2.97 percent to 1,004 points, with average daily earnings for panamaxes, which typically transport 60,000-70,000 tonne cargoes of coal or grains, up $233 at $7,983.
Attractive rates are bringing in more panamax cargoes in the Atlantic, Fearnleys said in its weekly research note.
Rates for supramax vessels were up $112 at $10,640 and those for handysizes were up $120 at $9,200.
Baltic's capesize index dropped 16 points or 1.32 percent to 1,196 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, fell $147 to $3,988, still remaining at levels last seen in late 2008.
The capesize vessels have been on a down trend due to a weak iron ore demand in China, analysts said.
Iron ore shipments account for around a third of seaborne volumes on the larger capesizes, and brokers said price developments remained a key factor for dry freight.
Growing ship supply, which is outpacing commodity demand, is expected to cap dry bulk freight rate gains going forward, with economic uncertainty and a slowdown in China adding to headwinds.
(Reporting by NR Sethuraman in Bangalore; Editing by Alison Birrane)
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