Freight rates for dry-bulk commodities rose because of a record-long queue for loading at Newcastle, Australia, the world's largest coal-export port.
The Baltic Panamax Index rose 4.1 per cent last week to 5,470, the highest since December 2004. The index measures the cost of hiring Panamax ships, the class of vessel that carry most of Newcastle's exports. The line of ships waiting to load rose to 74 yesterday, according to the port operator's website.
Rio Tinto Group, BHP Billiton Ltd and Xstrata plc are trying to increase shipments of coal after China increased imports and cut exports to meet demand. Bottlenecks at the port and on the rail system in New South Wales are preventing miners from fulfilling orders, increasing costs for suppliers.
China, the world's second-largest energy consumer, increased coal imports 53 per cent to 5.67 million tonnes in March as exports fell 36 per cent to 3.71 million tonnes, according to statistics released yesterday.
The Baltic Dry Index, a measure of dry-bulk freight rates across different ship sizes and routes compiled by London's Baltic Exchange, has risen 33 per cent this year on China's demand for iron ore, coal and other commodities.
The Baltic Panamax Index rose 4.1 per cent last week to 5,470, the highest since December 2004. The index measures the cost of hiring Panamax ships, the class of vessel that carry most of Newcastle's exports. The line of ships waiting to load rose to 74 yesterday, according to the port operator's website.
Rio Tinto Group, BHP Billiton Ltd and Xstrata plc are trying to increase shipments of coal after China increased imports and cut exports to meet demand. Bottlenecks at the port and on the rail system in New South Wales are preventing miners from fulfilling orders, increasing costs for suppliers.
China, the world's second-largest energy consumer, increased coal imports 53 per cent to 5.67 million tonnes in March as exports fell 36 per cent to 3.71 million tonnes, according to statistics released yesterday.
The Baltic Dry Index, a measure of dry-bulk freight rates across different ship sizes and routes compiled by London's Baltic Exchange, has risen 33 per cent this year on China's demand for iron ore, coal and other commodities.