Fri Jul 13, 2012
July 13 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, fell on Friday as a slump in capesize activity weighed on rates.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, lost 11 points or 0.98 percent to 1,110 points.
The capesize index was down 2.37 percent at 1,320 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $402 at $6,070. Capesize rates have dropped about 24 percent this week.
"More ships have risen to the surface and a change in sentiment has seen charterers once again take control of the market and push rates back into the $6000s per tonne," broker firm Braemar Seascope said in a note.
"A lack of coal enquiry and more hidden tonnage now coming to the front of the market could see the soft sentiment continue into next week."
The Baltic Exchange's panamax index rose 1.26 percent to 1,202 points, with average daily earnings for panamaxes, which typically transport 60,000-70,000 tonne cargoes of coal or grains, up $118 at $9,584.
The Atlantic market has been firming up steadily over the past seven days, Braemar Seascope said.
"Vessels open in the near term are attracting decent rates close to mid/high $11,000 daily from charterers with owners pushing for above $12,000 a day in order to commit their ships."
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, has fallen about 36 percent this year.
(Reporting by NR Sethuraman in Bangalore; Editing by Alison Birrane)
July 13 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, fell on Friday as a slump in capesize activity weighed on rates.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, lost 11 points or 0.98 percent to 1,110 points.
The capesize index was down 2.37 percent at 1,320 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $402 at $6,070. Capesize rates have dropped about 24 percent this week.
"More ships have risen to the surface and a change in sentiment has seen charterers once again take control of the market and push rates back into the $6000s per tonne," broker firm Braemar Seascope said in a note.
"A lack of coal enquiry and more hidden tonnage now coming to the front of the market could see the soft sentiment continue into next week."
The Baltic Exchange's panamax index rose 1.26 percent to 1,202 points, with average daily earnings for panamaxes, which typically transport 60,000-70,000 tonne cargoes of coal or grains, up $118 at $9,584.
The Atlantic market has been firming up steadily over the past seven days, Braemar Seascope said.
"Vessels open in the near term are attracting decent rates close to mid/high $11,000 daily from charterers with owners pushing for above $12,000 a day in order to commit their ships."
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, has fallen about 36 percent this year.
(Reporting by NR Sethuraman in Bangalore; Editing by Alison Birrane)
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