Sunday, 23 Oct 2011
Bloomberg reported that rents for Capesize vessels that haul iron ore rose as Barclays Capital said lower prices for the steelmaking raw material may spur demand for shipments to China.
According to the Baltic Exchange in London Daily rates gained 0.8% to USD 29,918 after dropping 5.3% from the 10 month high reached October 14. Capesizes are the biggest vessels tracked by the Baltic Dry Index a broader gauge of commodity- shipping rates which increased 0.2% to 2,140.
UBS AG said in a report dated October 13 Monthly iron ore shipments to China the top steelmaker globally will average 60 million tonnes from September through December. That would exceed the record 59 million tons imported in the first quarter of 2011.
Barclays analysts including Mr Miswin Mahesh in London said “We expect freight rates on routes carrying iron ore to China to maintain the current state of buoyancy for a few more weeks.”
Rents for capesizes on the Brazil-to-China iron-ore route gained 2.2% to the highest level since November.
sourced Bloomberg
Bloomberg reported that rents for Capesize vessels that haul iron ore rose as Barclays Capital said lower prices for the steelmaking raw material may spur demand for shipments to China.
According to the Baltic Exchange in London Daily rates gained 0.8% to USD 29,918 after dropping 5.3% from the 10 month high reached October 14. Capesizes are the biggest vessels tracked by the Baltic Dry Index a broader gauge of commodity- shipping rates which increased 0.2% to 2,140.
UBS AG said in a report dated October 13 Monthly iron ore shipments to China the top steelmaker globally will average 60 million tonnes from September through December. That would exceed the record 59 million tons imported in the first quarter of 2011.
Barclays analysts including Mr Miswin Mahesh in London said “We expect freight rates on routes carrying iron ore to China to maintain the current state of buoyancy for a few more weeks.”
Rents for capesizes on the Brazil-to-China iron-ore route gained 2.2% to the highest level since November.
sourced Bloomberg
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