Mon Sep 24, 2012
Sept 24 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Monday as rates for panamax and capesize vessels dropped.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 0.26 percent to 772 points.
The panamax index fell 1.28 percent to 461 points, with average daily earnings down $45 to $3,674. Panamaxes typically transport 60,000-70,000 tonne cargos of coal or grains.
The Baltic's capesize index fell 0.38 percent to 1,578 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $45 to $7,619.
Spot iron ore prices in top consumer China fell on Monday, reflecting limited interest among steel mills in restocking the raw material ahead of next week's public holiday, given the uncertain outlook for steel 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 up $20 at $7,067 while those of supramax ships were down $1 at $8,858.
(Reporting by NR Sethuraman in Bangalore; Editing by Catherine Evans)
Sept 24 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Monday as rates for panamax and capesize vessels dropped.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 0.26 percent to 772 points.
The panamax index fell 1.28 percent to 461 points, with average daily earnings down $45 to $3,674. Panamaxes typically transport 60,000-70,000 tonne cargos of coal or grains.
The Baltic's capesize index fell 0.38 percent to 1,578 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $45 to $7,619.
Spot iron ore prices in top consumer China fell on Monday, reflecting limited interest among steel mills in restocking the raw material ahead of next week's public holiday, given the uncertain outlook for steel 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 up $20 at $7,067 while those of supramax ships were down $1 at $8,858.
(Reporting by NR Sethuraman in Bangalore; Editing by Catherine Evans)
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