Thu Aug 30, 2012
Aug 30 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, fell on Thursday on a sluggish Pacific and Atlantic activity.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, lost 1.53 percent to 707 points.
The Baltic Exchange's panamax index fell 3.81 percent to 758 points, with average daily earnings for panamaxes, which typically transport 60,000-70,000 tonne cargoes of coal or grains, down $245 at $6,024.
Panamax roundtrip rates in both basins fell about 4 percent on Wednesday to about $5,500 per day with few new cargoes in the Atlantic and a sluggish market in the Pacific, RS Platou Markets said in a note.
Analysts attributed the dip in panamax activity to slower coal and grain trade.
The capesize index was down 0.68 percent at 1,169 points.
Average daily earnings for capesizes, which usually transport 150,000-tonne cargoes such as iron ore and coal, were down $46 at $3,250.
Iron ore prices have fallen to their lowest since 2009. The price of the steel-making raw material has dropped by a third, or more than $45 per tonne since July as Chinese steel producers shunned cargoes amid declining demand.
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.
Average daily earnings for handysize ships were down $42 at $6,724, while that of supramax ships were down $28 at $8,938.
(Reporting by NR Sethuraman in Bangalore; editing by James Jukwey)
Aug 30 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, fell on Thursday on a sluggish Pacific and Atlantic activity.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, lost 1.53 percent to 707 points.
The Baltic Exchange's panamax index fell 3.81 percent to 758 points, with average daily earnings for panamaxes, which typically transport 60,000-70,000 tonne cargoes of coal or grains, down $245 at $6,024.
Panamax roundtrip rates in both basins fell about 4 percent on Wednesday to about $5,500 per day with few new cargoes in the Atlantic and a sluggish market in the Pacific, RS Platou Markets said in a note.
Analysts attributed the dip in panamax activity to slower coal and grain trade.
The capesize index was down 0.68 percent at 1,169 points.
Average daily earnings for capesizes, which usually transport 150,000-tonne cargoes such as iron ore and coal, were down $46 at $3,250.
Iron ore prices have fallen to their lowest since 2009. The price of the steel-making raw material has dropped by a third, or more than $45 per tonne since July as Chinese steel producers shunned cargoes amid declining demand.
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.
Average daily earnings for handysize ships were down $42 at $6,724, while that of supramax ships were down $28 at $8,938.
(Reporting by NR Sethuraman in Bangalore; editing by James Jukwey)
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