Guy Campbell News
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Rates for Panamax ships that carry grains and minerals fell for a 14th day amid speculation that demand to transport Latin American crop cargoes is slowing.
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Rates to ship iron ore fell for a second day on speculation a glut of vessels absorbed increased Australian shipments of the commodity used to make steel.
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Shipping rates for hauling iron ore, which more than doubled this month, may be poised to snap the rally as competition intensifies to load cargoes from Brazil, said Clarkson Plc, the world’s largest shipbroker.
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The worst commodity shipping market in 26 years may persist next year as an oversupply of vessels continues to curb ship owners’ ability to boost charter rates, according to Clarkson Plc, the world’s largest shipbroker.
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Rates for coal-carrying ships jumped the most in almost three months as Chinese importers sought cargoes before the country’s New Year. The vessels are still earning less than they need to cover costs.
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Rates for Capesize ships carrying iron ore, which advanced for a third day, may curb gains as accelerating fleet growth this month offsets rising demand, said Clarkson Plc, the biggest shipbroker.
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The smallest profits in the commodity shipping market in 18 months may be ending as a rebound in steel and iron-ore prices signal improving Chinese demand that will ease the transport glut.
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The Baltic Dry Index , a measure of commodity shipping costs, fell for the longest period in almost nine years as declining Chinese steel prices erode the nation’s iron ore demand.
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Commodity shipping rates measured by the Baltic Dry Index ended their longest losing streak in almost 15 years on speculation owners are refusing to offer vessels at current hire rates.
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Rates for panamaxes, the largest coal and iron-ore carriers to pass through the Panama Canal, may jump about 55 percent as Japan buys more raw materials to generate power and rebuild after its worst-ever earthquake.
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