The Baltic Exchange’s main sea freight index, which tracks rates to ship dry commodities, rose above the 4,000 point level on Friday and was close to hitting a new 2009 high.

Strong Chinese demand for iron ore and coal, growing port congestion in
China and Australia and tight ship availability have helped drive a
rally in recent days.

The index, which gauges the cost of shipping resources including iron
ore, cement, grain, coal and fertiliser, rose 3.97 percent or 156
points to 4,111 points on Friday and was at its highest since June 3
when it hit a 2009 peak in an twelfth straight session of gains.

In recent months Chinese demand for iron ore — the primary material in
the manufacture of steel — has dominated freight market activity while
adding to swings on the main index.

Demand for larger capesize ships, which typically haul 150,000 tonne
cargoes such as iron ore and coal, has added momentum to gains in
recent sessions. Appetite to hire small panamax ships has been helped
by the U.S. grains export season.

“The rising rates for both panamaxes and capesizes are underlining the
strength of the current market,” Arctic Securities said in a report on
Friday.

The Baltic’s capesize index rose 4.89 percent on Friday and was at its
highest level since June 30. The Baltic’s panamax index rose 2.61
percent and was at it highest since Sept. 25.

Source: Reuters

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