Thu Jul 5, 2012
July 5 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose on Thursday as strong cargo demand flared up rates for capesize and panamax vessels.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels was up 35 points, or 3.17 percent, at 1,138 points.
The capesize index jumped 6.28 percent to 1,455 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were up $847 at $7,569.
"With a slow end to last week and slow start to this one, the Atlantic basin has finally got a more positive feel with some positional tightness and very few ballasters arriving in the next few weeks," ship broker Fearnleys said in its weekly note.
The Pacific has also shown upwards momentum due to more activity from the major miners on the route, it added.
The Baltic Exchange's panamax index rose 3.71 percent to 1,090 points, with average daily earnings for panamaxes - which typically transport 60,000-70,000 tonne cargoes of coal or grains - up 311 at $8,689.
"Stimulated by a steady flow of fresh spot requirements, predominantly in the Atlantic, the market (panamax) has firmed to higher levels at higher volumes," Fearnleys said.
Sentiment remains positive in the Pacific with rates climbing to $8,000 for north of Pacific and $10,000 for east coast of South America rounds, it added.
(Reporting by NR Sethuraman in Bangalore; Editing by David Hulmes)
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