Ocean freight costs hit year high on Asian demand

LONDON, April 28 (Reuters) - Sea freight costs to ferry raw materials hit a high for the year on Monday on strong Asian demand, shrugging off record oil prices and wider economic woes in the West.

The Baltic Exchange's chief sea freight index .BADI, which monitors 40 major export routes for commodities excluding oil and is a key gauge of economic activity, rose 15 points, or 0.16 percent, to 9,344.

Sea freight markets for natural resources have so far ignored the turmoil sweeping financial markets and slowing economic growth in the United States, analysts say, recovering from a near collapse at the start of the year.

The index which has risen 39 percent since a low in January, is now less than 2,000 points below a record of 11,039 points hit in November last year on explosive demand into the rapidly industrialising economies of China and India.

The Baltic's Capesize index .BACI, which contributes to the overall index and gauges routes on the biggest class of merchant ship that ferry coal and iron ore, rose 30 points to a high for the year of 13,920.

The Baltic's Panamax index .BPNI, covering grain trade as well as minerals, on 80,000 tonne ships, fell 64 points, to 9,223.

(Reporting by Stefano Ambrogi, Editing by Peter Blackburn)