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Higher capesize rates buoy up Baltic index
September 13, 2012 / 4:01 PM / 5 years ago

Higher capesize rates buoy up Baltic index

Sept 13 (Reuters) - The Baltic Exchange's main sea freight
index, which tracks rates for ships carrying dry
commodities, rose marginally on Thursday after 11 straight
sessions, as higher capesize rates offset the continued weaker
performance in the panamax segment.   
    The overall index, which gauges the cost of shipping
commodities such as iron ore, cement, grain, coal and
fertilizer, rose 2 points or 0.3 percent to 663 points.   
    The main index, which factors in the average daily earnings
of capesize, panamax, supramax and handysize dry bulk transport
vessels, has fallen about 62 percent this year. 
    The Baltic's capesize index climbed 12 points or
1.01 percent to 1,198 points. 
    Average daily earnings for capesizes, which typically
transport 150,000-tonne cargoes such as iron ore and coal, were
up $102 at $3,592 on Thursday. 
    Iron ore fell back below $100 a tonne after a three-day
rally, prompting sellers to cut price offers on Thursday, after
a drop in Chinese steel prices pointed to a market struggling
with slow demand and oversupply. 
    Shipments of iron ore 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 Baltic's panamax index fell 3.3 percent to 527
points, with average daily earnings down $135 at $4,188. 
    Earnings for panamaxes, which usually transport 60,000 to
70,000-tonne cargoes of coal or grains, have dropped about 68
percent this year. 
    Average daily earnings for handysize and supramax ships were
up at $6,935 and $8,660, respectively. 

 (Reporting by Koustav Samanta in Bangalore; editing by James
Jukwey)

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