September 17, 2012 / 3:07 PM / in 5 years

Baltic shipping index up on higher capesize rates

Sept 17 (Reuters) - The Baltic Exchange's main sea freight
index, which tracks rates for ships carrying dry
commodities, rose marginally on Monday as higher capesize rates
offset the softer panamax rates.   
    The overall index, which gauges the cost of shipping
commodities such as iron ore, cement, grain, coal and
fertilizer, rose 1 points or 0.15 percent to 663 points.
    The Baltic's capesize index climbed 15 points or
1.25 percent to 1,219 points. 
    Average daily earnings for capesizes, which typically
transport 150,000 tonne cargoes such as iron ore and coal, were
up $119 at $3,779. 
    The Baltic's panamax index fell 3.78 percent to 483
points on Monday, with average daily earnings down $154 at
$3,833. 
    Earnings for panamaxes, which usually transport 60,000 to
70,000 tonne cargoes of coal or grains, have dropped about 70
percent this year. 
    Average daily earnings for handysize ships were up $30 at
$6,982 , and that of supramax ships were up $46 at $8,771. 
    Growing ship supply has been outpacing commodity demand for
some time now and is expected to cap dry bulk freight rate gains
in the coming months.          
    The main index, which factors in the average daily earnings
of capesize, panamax, supramax and handysize dry bulk transport
vessels, has fallen about 65 percent this year.

 (Reporting by Soma Das in Bangalore, editing by William Hardy)

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