The Baltic Exchange's main sea-freight index, which tracks rates to ship dry commodities, rose for a fourth day, although slow activity was expected to weigh on vessel earnings in the coming days, Reuters reports.
The index rose by 0.13 per cent or two points to 1,585 points on Friday. 'The uptick in rates could easily turn for the worse, which we have seen many times recently,' said Petter Rishovd, head of commodities at Pareto Securities. 'Vessel supply is more than adequate, however, and the iron ore majors are reportedly inactive.'
The March 11 earthquake and tsunami in Japan, a major importer of dry bulk commodities including iron ore and coal, have hit freight activity.
Japan's Transport Ministry on Friday sought to ease growing fears among global shipping lines on the safety and insurance issues of operating in Tokyo Bay, saying radiations at the country's largest ports were at 'very safe' levels.
The Baltic's capesize index rose 0.39 per cent, with average daily earnings inching higher to US$10,718 in a fourth day of gains. It had fallen for six sessions prior to the move higher.
Capesizes typically haul 150,000-tonne cargoes such as iron ore and coal.
'A fairly turgid week in the capesize market, with owners' resistance managing to turn around the easing market and allowing a push on rates,' broker Braemar Seascope said. 'Other reasons behind the current firming are said to be increasing bunker costs and (port) congestion, along with some slow steaming.'
Floods and cyclones in Australia last month hit coal production, and many producers have declared force majeure at their operations, which has hurt capesize activity. Weather-related problems have also disrupted Brazilian iron ore shipments.
Dry bulk rates are likely to get a modest boost as Japanese power plants restock coal inventories and steel companies import more iron ore to rebuild damaged output, analysts said.
The Baltic's panamax index rose 0.05 per cent, with average daily earnings inching to US$16,693. Panamax vessels usually transport 60,000-70,000 tonne cargoes of coal or grains.
Brokers said grains business was driving the panamax activity.
'A sluggish transatlantic (panamax) market saw rates slip with some suggesting tonnage would likely see not much more than US$16,000 daily as more ships hit the market,' the Baltic Exchange said in its weekly report. 'South America trading has given some stability, but largely for ships coming from the East.'
The index rose by 0.13 per cent or two points to 1,585 points on Friday. 'The uptick in rates could easily turn for the worse, which we have seen many times recently,' said Petter Rishovd, head of commodities at Pareto Securities. 'Vessel supply is more than adequate, however, and the iron ore majors are reportedly inactive.'
The March 11 earthquake and tsunami in Japan, a major importer of dry bulk commodities including iron ore and coal, have hit freight activity.
Japan's Transport Ministry on Friday sought to ease growing fears among global shipping lines on the safety and insurance issues of operating in Tokyo Bay, saying radiations at the country's largest ports were at 'very safe' levels.
The Baltic's capesize index rose 0.39 per cent, with average daily earnings inching higher to US$10,718 in a fourth day of gains. It had fallen for six sessions prior to the move higher.
Capesizes typically haul 150,000-tonne cargoes such as iron ore and coal.
'A fairly turgid week in the capesize market, with owners' resistance managing to turn around the easing market and allowing a push on rates,' broker Braemar Seascope said. 'Other reasons behind the current firming are said to be increasing bunker costs and (port) congestion, along with some slow steaming.'
Floods and cyclones in Australia last month hit coal production, and many producers have declared force majeure at their operations, which has hurt capesize activity. Weather-related problems have also disrupted Brazilian iron ore shipments.
Dry bulk rates are likely to get a modest boost as Japanese power plants restock coal inventories and steel companies import more iron ore to rebuild damaged output, analysts said.
The Baltic's panamax index rose 0.05 per cent, with average daily earnings inching to US$16,693. Panamax vessels usually transport 60,000-70,000 tonne cargoes of coal or grains.
Brokers said grains business was driving the panamax activity.
'A sluggish transatlantic (panamax) market saw rates slip with some suggesting tonnage would likely see not much more than US$16,000 daily as more ships hit the market,' the Baltic Exchange said in its weekly report. 'South America trading has given some stability, but largely for ships coming from the East.'