High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
May 3 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for an eleventh straight session on Wednesday as rates across vessels segments weakened.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 39 points, or 3.63 percent, at 1,034 points, its lowest in nearly two months.
The capesize index fell 126 points, or 7.55 percent, to 1,542 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $758 to $11,840.
The panamax index also fell for a tenth straight session and was down 44 points, or 3.86 percent, to close at 1,096 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $356 to $8,806.
Among smaller vessels, the supramax index fell 14 points to 835 points, while the handysize index fell 10 points to 540 points. (Reporting by Nithin Prasad in Bengaluru; Editing by Shounak Dasgupta)
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