Jeffrey Landsberg News
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Rates for Panamax vessels shipping grains and coal rose for a sixth session, amid speculation that demand to haul both cargoes is increasing.
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Record delays for vessels loading corn and soybeans in Brazil, the biggest exporter, are failing to diminish enough of the global capacity glut in shipping to return Excel Maritime Carriers Ltd. and other owners to profit.
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The Baltic Dry Index, a measure of commodity shipping prices, slid for a sixth session as a surplus of vessels drove down rates owners charge to haul cargoes from iron ore to grains.
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Charter rates for coal-hauling Panamax ships fell for a third day amid speculation above-normal stockpiles of the power-station fuel at a port in China, the world’s biggest importer, may be curbing demand.
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Steel production in China is poised to decline after prices slumped for a fourth week, according to Commodore Research & Consultancy.
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Charter rates for Panamax ships rose for a 22nd session, the longest streak of advances since 2003, as demand to transport grains and coal lifted bookings to the highest level since January.
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Shipping rates for iron ore are poised to double next quarter as Chinese steelmakers import extra cargoes after stockpiles at the nation’s ports collapsed to a three-year low.
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Returns for Capesize ships, the biggest carriers of iron ore, fell the most this month amid speculation elevated steel inventories in China are curbing demand to charter vessels.
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China, which imports more iron ore than the rest of the world combined, will buy a record amount this quarter, easing concern about the engine of global economic growth and extending a two-month rally in shipping rates.
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Vessels chartered to export coal to China, the world’s biggest energy user, increased by about 36 percent last week, Commodore Research & Consultancy said.
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