Port & Shipping On Recovery

Baltic Dry Index raises hopes of recovery
The Baltic Dry Index, a measure of shipping costs for commodities, is showing signs of a recovery.
The index dropped by 10 points, or 0.3 per cent, to 2,975 points, during the last nine days, Rates for Capesizes, that can transport about 175,000 tonnes of goods, fell by 1.2 per cent, the smallest drop this month. All other vessel classes gained.
"With steel price-firming accelerating, the dry bulk market could resume normal levels of activity this week," an analyst in New York said.
Iron ore and coal to make steel will account for 35 per cent of all dry bulk commodities transported by sea this quarter, forecast Drewry Shipping Consultants here.
Demand for the materials from China, the world’s biggest steelmaker, helped the index more than double in both the first and second quarters, the best six-month showing since1985.
Daily Capesize rates were reported at $50,594 on July 13. They will average $48,250 a day this quarter, analysts believe.
Source : Exim News Service - London, July 16