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....
Aug 6 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the third straight day on Tuesday, as rates for panamax and capesize vessels continued to slip.
* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dipped 12 points or 1.13 percent, to 1,046 points.
* The capesize index lost 32 points, or 1.65 percent, to 1,907 points.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of commodities such as iron ore and coal, slipped $255 to $11,801.
* The panamax index fell 17 points, or 1.68 percent, to 992 points.
* Average daily earnings for panamaxes, which usually carry 60,000 to 70,000 tonne cargoes of coal or grain, dropped $133 to $7,888. (Reporting by Shrutee Sarkar in Bangalore; Editing by Anthony Barker)
(c) 2013 Thomson Reuters, All rights reserved.
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