According to news from London on February 10, the dry bulk freight index of the Baltic Trade Exchange increased for the fourth consecutive day on Thursday, and the increase in shipping orders boosted the market's energy performance this week.
Brokers said that the signal of China's economic overheating may suppress this year's iron ore and coal appetite.
The Baltic dry bulk freight index rose 4.03% on Thursday, or 44 points, to 1,136 points. The index measures the transportation costs of iron ore, cement, grain, coal, and fertilizers. The Baltic dry bulk freight index fell to the lowest level in two years last week.
Brokers said that the purchase of freight derivatives contracts, especially in the Panamax market, boosted market sentiment this week.
Previously, floods in Queensland, Australia, and weather problems in Colombia, South Africa, Russia, and Indonesia have disrupted coal shipments in recent weeks.
The Baltic's capesize index rose 5.77% on Thursday, and the average daily profit of Capesize vessels rose to US$6,379, rising for the third consecutive day. Capesize vessels usually transport 150,000 tons of cargo such as iron ore and coal.
Consulting agency MSI said in the report, “The overall dry-bulk market outlook in the first half of 2011 was weak, but the rebuilding of coal inventories and the increase in trade volume after the Chinese New Year will temporarily lower the freight rates.â€
The Baltic's panamax index rose by 3.16%. The average daily profit of this type of vessel rose to US$12,544, which was higher for the fifth consecutive day. Panamax ships usually carry 6-7 million tons of coal or grain.
Since 2009, the major freight index for dry bulk cargo in the Baltic Trade Shipping Exchange has fluctuated, due to the unstable demand for iron ore in China.
On February 9, 2011, the People's Bank of China decided to increase the one-year deposit and lending benchmark interest rate of financial institutions by 0.25 percentage point respectively. This is the third rate increase since the end of last year and is the first time this year to raise interest rates. The escalating war against high inflation in fast-growing economies threatens the global market.
The industrialized countries in the western countries suffered from numerous obstacles. In addition, China’s inflation concerns caused the government to further tighten its monetary policy and decline in ore demand, which may become another obstacle to the shipping market.
Although there are indications that some of the vessel construction has been cancelled or postponed, analysts expect the speed of delivery of ships to be accelerated in 2011 and 2012.
"For the next six months, the delivery of new ships headed by the Capesize will put pressure on freight rates and further lower rates in the summer," MSI said.
Brokers said that the signal of China's economic overheating may suppress this year's iron ore and coal appetite.
The Baltic dry bulk freight index rose 4.03% on Thursday, or 44 points, to 1,136 points. The index measures the transportation costs of iron ore, cement, grain, coal, and fertilizers. The Baltic dry bulk freight index fell to the lowest level in two years last week.
Brokers said that the purchase of freight derivatives contracts, especially in the Panamax market, boosted market sentiment this week.
Previously, floods in Queensland, Australia, and weather problems in Colombia, South Africa, Russia, and Indonesia have disrupted coal shipments in recent weeks.
The Baltic's capesize index rose 5.77% on Thursday, and the average daily profit of Capesize vessels rose to US$6,379, rising for the third consecutive day. Capesize vessels usually transport 150,000 tons of cargo such as iron ore and coal.
Consulting agency MSI said in the report, “The overall dry-bulk market outlook in the first half of 2011 was weak, but the rebuilding of coal inventories and the increase in trade volume after the Chinese New Year will temporarily lower the freight rates.â€
The Baltic's panamax index rose by 3.16%. The average daily profit of this type of vessel rose to US$12,544, which was higher for the fifth consecutive day. Panamax ships usually carry 6-7 million tons of coal or grain.
Since 2009, the major freight index for dry bulk cargo in the Baltic Trade Shipping Exchange has fluctuated, due to the unstable demand for iron ore in China.
On February 9, 2011, the People's Bank of China decided to increase the one-year deposit and lending benchmark interest rate of financial institutions by 0.25 percentage point respectively. This is the third rate increase since the end of last year and is the first time this year to raise interest rates. The escalating war against high inflation in fast-growing economies threatens the global market.
The industrialized countries in the western countries suffered from numerous obstacles. In addition, China’s inflation concerns caused the government to further tighten its monetary policy and decline in ore demand, which may become another obstacle to the shipping market.
Although there are indications that some of the vessel construction has been cancelled or postponed, analysts expect the speed of delivery of ships to be accelerated in 2011 and 2012.
"For the next six months, the delivery of new ships headed by the Capesize will put pressure on freight rates and further lower rates in the summer," MSI said.
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