The Baltic Dry Index, a measure of commodity shipping costs, rose to this year’s high as rents for panamax vessels that haul minerals and grains climbed the most in a week since May, Bloomberg reports. The index gained 1.7 percent to 2,000 as rates advanced for all four ship types it tracks, according to the Baltic Exchange, a London-based provider of freight rates. The gauge is at the highest level since Dec. 16 and up 59 percent since Aug. 1.
Gains stemmed from a doubling of reported bookings of dry- bulk vessels to ship thermal coal to China, Credit Suisse Group AG analysts led by Gregory Lewis said in an e-mailed report today. They also cited port congestion and increased grain shipments from the U.S.
The index jumped 50 percent in two months through September as hire costs surged for capesize vessels, haulers of iron ore and coal and the biggest ships in the gauge. A hundred capesizes were reported booked last month to load iron ore, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker. That’s the most since 104 vessels were hired in July 2009, data show.
Average rents for panamaxes, the largest ships that can navigate the Panama Canal, rose 2.4 percent to $15,236 a day, capping an 11 percent weekly advance. Rates gained as a weeklong holiday in China curbed the number of Asian-controlled ships seeking employment, shipbroker Braemar Shipping Services Plc said in a report e-mailed yesterday.
Coal Prices
Chinese demand for imported coal strengthened mainly on lower international prices and sliding inventories at local ports, Oslo-based invesment bank Pareto Securities AS said Oct. 3.
Ore, coking coal and steel products account for 51 percent of dry-bulk seaborne trade, estimated at 3.56 billion metric tons for 2011, according to Germany’s DVB Bank SE, which specializes in transportation lending.
Capesize hire costs gained 2.2 percent to $27,876 a day, leaving them 3.7 percent below the 2011 high of $28,949 reached Sept. 26, data show. Rents are up 39 percent this year, compared with a 53 percent drop as of July 29. Rates had plunged as the capesize fleet expanded more quickly than demand to ship commodities.
Daily rents for supramax ships, about 25 percent smaller than panamaxes, gained for a 24th session, increasing 0.9 percent to $16,028. They’re at the highest level since March 30 and up 11 percent in the past month. Handysizes, the smallest vessels in the index, rose 0.5 percent to $11,270.
Gains stemmed from a doubling of reported bookings of dry- bulk vessels to ship thermal coal to China, Credit Suisse Group AG analysts led by Gregory Lewis said in an e-mailed report today. They also cited port congestion and increased grain shipments from the U.S.
The index jumped 50 percent in two months through September as hire costs surged for capesize vessels, haulers of iron ore and coal and the biggest ships in the gauge. A hundred capesizes were reported booked last month to load iron ore, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker. That’s the most since 104 vessels were hired in July 2009, data show.
Average rents for panamaxes, the largest ships that can navigate the Panama Canal, rose 2.4 percent to $15,236 a day, capping an 11 percent weekly advance. Rates gained as a weeklong holiday in China curbed the number of Asian-controlled ships seeking employment, shipbroker Braemar Shipping Services Plc said in a report e-mailed yesterday.
Coal Prices
Chinese demand for imported coal strengthened mainly on lower international prices and sliding inventories at local ports, Oslo-based invesment bank Pareto Securities AS said Oct. 3.
Ore, coking coal and steel products account for 51 percent of dry-bulk seaborne trade, estimated at 3.56 billion metric tons for 2011, according to Germany’s DVB Bank SE, which specializes in transportation lending.
Capesize hire costs gained 2.2 percent to $27,876 a day, leaving them 3.7 percent below the 2011 high of $28,949 reached Sept. 26, data show. Rents are up 39 percent this year, compared with a 53 percent drop as of July 29. Rates had plunged as the capesize fleet expanded more quickly than demand to ship commodities.
Daily rents for supramax ships, about 25 percent smaller than panamaxes, gained for a 24th session, increasing 0.9 percent to $16,028. They’re at the highest level since March 30 and up 11 percent in the past month. Handysizes, the smallest vessels in the index, rose 0.5 percent to $11,270.