Saturday, 24 Mar 2012
Returns for Capesize ships that haul commodities including iron ore and coal plunged to the lowest in 12 months as Chinese steel production slows and raw material prices fall.
According to the Baltic Exchange, a London based provider of freight costs on 29 dry bulk routes, daily returns for Capesize vessels fell to USD 4,881 on March 20th 2101. That’s the lowest price since March 2 last year.
Oslo based investment bank RS Platou Markets AS said that “A full blown recovery to match our yearly average target of USD 13,000 a day remains an uphill battle.”
Capesizes are the largest vessels in the Baltic Dry Index, a broader measure of costs to transport commodities. The gauge advanced for a 19th session, the longest winning streak since it rose for 23 days in June 2009. The index rose 0.6% to 884 as charter rates for three of the smaller ship classes tracked increased, figures from the exchange showed.
Panamaxes, the biggest ships that can navigate the Panama Canal, advanced 1.4% to USD 8,037, the longest winning streak in five months, according to the exchange. Supramaxes, about 25% smaller, added 2.7% to USD 10,340. Handysizes, the smallest ships in the index, rose 1.7% to USD 7,915, the highest rate in more than nine weeks.
Source - Bloomberg
Subscribe to:
Post Comments (Atom)
Posts
1 comment:
Really nice post. Your post is expressing what I actually wanted to know, thanks for sharing…
Relocation Services in Pune.
Post a Comment