Thu Oct 25, 2012
Oct 25 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Thursday on a drop in capesize rates.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 3.4 percent to 1,051 points.
The Baltic's capesize index fell 3.87 percent to 2,432 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $1,079 at $16,769.
Capesize rates have risen in the past few weeks due to Chinese restocking of iron ore supplies. Once stockpiles are back to suitable levels, there might be a weakening in rates, Andy Jamison, shipping blogger and owner of the Virtual Shipbroker, said.
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.
The panamax index fell 1.7 percent, with average daily earnings down $109 at $6,480.
Panamaxes typically transport 60,000-70,000 tonne cargoes of coal or grain.
The panamax market has been under pressure from thin coal volumes and ample supply of ships, analysts said.
Average daily earnings for handysize ships were down $52 at $6,430, while those of supramax ships were down $57 at $7,386.
(Reporting by NR Sethuraman in Bangalore; editing by Jane Baird)
Oct 25 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Thursday on a drop in capesize rates.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 3.4 percent to 1,051 points.
The Baltic's capesize index fell 3.87 percent to 2,432 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $1,079 at $16,769.
Capesize rates have risen in the past few weeks due to Chinese restocking of iron ore supplies. Once stockpiles are back to suitable levels, there might be a weakening in rates, Andy Jamison, shipping blogger and owner of the Virtual Shipbroker, said.
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.
The panamax index fell 1.7 percent, with average daily earnings down $109 at $6,480.
Panamaxes typically transport 60,000-70,000 tonne cargoes of coal or grain.
The panamax market has been under pressure from thin coal volumes and ample supply of ships, analysts said.
Average daily earnings for handysize ships were down $52 at $6,430, while those of supramax ships were down $57 at $7,386.
(Reporting by NR Sethuraman in Bangalore; editing by Jane Baird)
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