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....
March 2 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday as rates for all vessel segments strengthened, with capesize vessels extending gains the most.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 33 points, or 3.79 percent, at 904 points, its highest in more than five weeks.
The capesize index snapped a three-day losing streak and rose 103 points, or 10.36 percent, to end at 1,097 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $678 at $8,571.
The panamax index was up 43 points, or 4.13 percent, at 1,084 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $345 to $8,711.
Among smaller vessels, the supramax index rose 7 points to 840 points, while the handysize index rose 6 points to 457 points. (Reporting by Nithin Prasad in Bengaluru; Editing by Martina D’Couto)
(c) Copyright Thomson Reuters 2017.
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