The rate of hiring capesize ships, the largest type of bulk carriers, which has risen the past nine days, may extend gains on increasing global demand for iron ore and coal. The Baltic Capesize Index, a measure of rates for that class of vessels on different routes around the world, rose 1.1 per cent to 9027 yesterday, according to the London-based Baltic Exchange.
Capesize bulk carrier: The Baltic Capesize Index, a measure of rates for that class of vessels on different routes around the world has been rising steadily
The index, which last exceeded 9000 in May, has advanced 9.8 per cent in the past nine days.
'No sign of a summer market yet and activity is keeping up well, especially in the Pacific,' said Oslo-based shipbroker Fearnleys in its weekly report.
Asian demand led by China for raw materials including iron ore and congestion in ports such as Australia, New Zealand and India are helping push the wider Baltic Dry Index to a record, Cosco Corp Singapore Ltd president Ji Hai Sheng said yesterday. Global demand for iron ore is 'extremely strong', Rio Tinto Group, the world's third-largest mining company said today.
The Baltic Dry Index, an overall measure of commodity- shipping costs on different routes and ship sizes, added 0.4 per cent to 6993 yesterday, according to the Baltic Exchange. The measure, which has been closing at a record since July 24, has more than doubled in the past year.
Cosco Singapore is a unit of China's biggest shipping company. It builds and repair ships and owns a fleet of 12 bulk carriers it charters out on long-term contracts.
'Strong demand for minerals, especially steam coal, has been the driving force behind increasing tonnage demand,' said Oslo-based RS Platou Economic Research AS in its monthly report. 'Port congestion in Australia has eased somewhat over recent weeks, but has at the same time increased in other parts of the world.'
The line of ships waiting to load coal at Australia's Newcastle, the world's biggest coal-export harbour, shortened to 49 on July 30 from 59 a week earlier and a record 79 on July 2, the Newcastle Port Corp said on its website. The average waiting time at Newcastle was reduced to 25.7 days from 25.3 days a week earlier, the Newcastle Port said.
The rate to hire a capesize carrier, which typically hauls 175,000 metric tons of goods, increased US$1,226, or 1.2 per cent, to US$104,760 on average yesterday, data from the Baltic Exchange showed. It's the highest rate since May 24 when it stood at US$105,294.
The Baltic Panamax Index, a measure of rates on seven routes for this type of ship, which has been setting a record since July 27, fell 0.4 per cent to 7358 yesterday, according to the Baltic Exchange.
Panamax carriers can move 70,000 tons of coal and other dry commodities.
The daily rate to hire a Panamax bulk carrier dropped US$197, or 0.3 per cent, to US$59,293 yesterday, according to the Baltic Exchange. It rose to a record US$59,354 on July 30.
Capesize bulk carrier: The Baltic Capesize Index, a measure of rates for that class of vessels on different routes around the world has been rising steadily
The index, which last exceeded 9000 in May, has advanced 9.8 per cent in the past nine days.
'No sign of a summer market yet and activity is keeping up well, especially in the Pacific,' said Oslo-based shipbroker Fearnleys in its weekly report.
Asian demand led by China for raw materials including iron ore and congestion in ports such as Australia, New Zealand and India are helping push the wider Baltic Dry Index to a record, Cosco Corp Singapore Ltd president Ji Hai Sheng said yesterday. Global demand for iron ore is 'extremely strong', Rio Tinto Group, the world's third-largest mining company said today.
The Baltic Dry Index, an overall measure of commodity- shipping costs on different routes and ship sizes, added 0.4 per cent to 6993 yesterday, according to the Baltic Exchange. The measure, which has been closing at a record since July 24, has more than doubled in the past year.
Cosco Singapore is a unit of China's biggest shipping company. It builds and repair ships and owns a fleet of 12 bulk carriers it charters out on long-term contracts.
'Strong demand for minerals, especially steam coal, has been the driving force behind increasing tonnage demand,' said Oslo-based RS Platou Economic Research AS in its monthly report. 'Port congestion in Australia has eased somewhat over recent weeks, but has at the same time increased in other parts of the world.'
The line of ships waiting to load coal at Australia's Newcastle, the world's biggest coal-export harbour, shortened to 49 on July 30 from 59 a week earlier and a record 79 on July 2, the Newcastle Port Corp said on its website. The average waiting time at Newcastle was reduced to 25.7 days from 25.3 days a week earlier, the Newcastle Port said.
The rate to hire a capesize carrier, which typically hauls 175,000 metric tons of goods, increased US$1,226, or 1.2 per cent, to US$104,760 on average yesterday, data from the Baltic Exchange showed. It's the highest rate since May 24 when it stood at US$105,294.
The Baltic Panamax Index, a measure of rates on seven routes for this type of ship, which has been setting a record since July 27, fell 0.4 per cent to 7358 yesterday, according to the Baltic Exchange.
Panamax carriers can move 70,000 tons of coal and other dry commodities.
The daily rate to hire a Panamax bulk carrier dropped US$197, or 0.3 per cent, to US$59,293 yesterday, according to the Baltic Exchange. It rose to a record US$59,354 on July 30.