Mon Jul 2, 2012
July 2 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose on Monday as rates for both capesize and panamax vessels firmed up.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, was up 0.9 percent at 1,013 points. The index has lost about 42 percent this year.
The capesize index rose 14 points or 1.18 percent to 1,204 points.
Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were up $178 at $4,166.
However, capesize rates have fallen about 85 percent this year. The rates have averaged $6,534 for the first six months.
Capesize rates are operating well below their operating costs of about $7,000, RS Platou Markets analyst Frode Morkedal said.
The Baltic Exchange's panamax index rose 0.91 percent to 993 points, with average daily earnings for panamaxes, which typically transport 60,000-70,000 tonne cargoes of coal or grains, up $75 at $7,910.
Rates for supramax vessels were up $73 at $13,218 and those for handysizes were down $9 at $10,405.
(Reporting by NR Sethuraman in Bangalore, editing by William Hardy)
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