Wed Oct 31, 2012
Oct 31 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Wednesday due to a drop in capesizes rates.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 1.63 percent to 1,026 points.
The Baltic's capesize index fell 1.59 percent to 2,419 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $398 at $16,492.
Capesizes made ground due to higher iron ore activity in china from Brazil and Australia, however rates started falling this week.
The rise in demand was mainly driven by promise of upcoming stimulus measures from the Chinese government and might be a temporary one driven by speculation rather than fundamentals, Greek ship broker Intermodal said in a note.
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 1.26 percent, with average daily earnings down $56 at $6,330.
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 $25 at$6,321, while those of supramax ships were down $116 at $7,085.
(Reporting by NR Sethuraman in Bangalore, editing by William Hardy)
Oct 31 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Wednesday due to a drop in capesizes rates.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 1.63 percent to 1,026 points.
The Baltic's capesize index fell 1.59 percent to 2,419 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $398 at $16,492.
Capesizes made ground due to higher iron ore activity in china from Brazil and Australia, however rates started falling this week.
The rise in demand was mainly driven by promise of upcoming stimulus measures from the Chinese government and might be a temporary one driven by speculation rather than fundamentals, Greek ship broker Intermodal said in a note.
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 1.26 percent, with average daily earnings down $56 at $6,330.
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 $25 at$6,321, while those of supramax ships were down $116 at $7,085.
(Reporting by NR Sethuraman in Bangalore, editing by William Hardy)
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