Reuters reported that the Baltic Exchange's main sea freight index, used to
track rates for ships carrying dry commodities, climbed to its highest level
since January, due to high panamax activity.
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 14 points or 1.44% to 989 points.
Mr Wells Fargo senior analyst Michael Webber said in a note said that "While we continue to expect dry bulk rate volatility, we continue to expect the oversupply of tonnage to keep rates in check through the majority of 2012.”
The Baltic's panamax index gained 3.62%
Average daily earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grains, reached $9,851.
The average daily earnings for handysize and supramax ships rose to USD 8,272 and USD 10,004, respectively.
Baltic's capesize index dipped 0.32 percent to 1,542 points, with renewed weakness in the Pacific Basin.
RS Platou Markets analyst Mr Herman Hildan in a note to clients said that "Capesize extended their decline at the start of the week as only a handful of spot cargoes entering the market weighed on the segment.”
Source - Reuters
(www.steelguru.com)
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 14 points or 1.44% to 989 points.
Mr Wells Fargo senior analyst Michael Webber said in a note said that "While we continue to expect dry bulk rate volatility, we continue to expect the oversupply of tonnage to keep rates in check through the majority of 2012.”
The Baltic's panamax index gained 3.62%
Average daily earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grains, reached $9,851.
The average daily earnings for handysize and supramax ships rose to USD 8,272 and USD 10,004, respectively.
Baltic's capesize index dipped 0.32 percent to 1,542 points, with renewed weakness in the Pacific Basin.
RS Platou Markets analyst Mr Herman Hildan in a note to clients said that "Capesize extended their decline at the start of the week as only a handful of spot cargoes entering the market weighed on the segment.”
Source - Reuters
(www.steelguru.com)
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