Mon Sep 17, 2012
Sept 17 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose marginally on Monday as higher capesize rates offset the softer panamax rates.
The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilizer, rose 1 points or 0.15 percent to 663 points.
The Baltic's capesize index climbed 15 points or 1.25 percent to 1,219 points.
Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were up $119 at $3,779.
The Baltic's panamax index fell 3.78 percent to 483 points on Monday, with average daily earnings down $154 at $3,833.
Earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grains, have dropped about 70 percent this year.
Average daily earnings for handysize ships were up $30 at $6,982 , and that of supramax ships were up $46 at $8,771.
Growing ship supply has been outpacing commodity demand for some time now and is expected to cap dry bulk freight rate gains in the coming months.
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, has fallen about 65 percent this year.
(Reporting by Soma Das in Bangalore, editing by William Hardy)
Sept 17 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose marginally on Monday as higher capesize rates offset the softer panamax rates.
The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilizer, rose 1 points or 0.15 percent to 663 points.
The Baltic's capesize index climbed 15 points or 1.25 percent to 1,219 points.
Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were up $119 at $3,779.
The Baltic's panamax index fell 3.78 percent to 483 points on Monday, with average daily earnings down $154 at $3,833.
Earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grains, have dropped about 70 percent this year.
Average daily earnings for handysize ships were up $30 at $6,982 , and that of supramax ships were up $46 at $8,771.
Growing ship supply has been outpacing commodity demand for some time now and is expected to cap dry bulk freight rate gains in the coming months.
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, has fallen about 65 percent this year.
(Reporting by Soma Das in Bangalore, editing by William Hardy)
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