Peter Norfolk News
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Charter rates for Capesize ships, the biggest carriers of iron ore, fell the most in almost six weeks amid speculation of slowing imports to China, the world’s biggest buyer of the commodity.
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Iron ore shipping rates rallied for the longest stretch since July amid speculation stronger demand for vessels is helping to erode a glut.
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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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The Baltic Dry Index, a measure of commodity-shipping costs, rose to the highest level this year on demand to transport grain cargoes.
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Commodity shipping rates, heading for the lowest annual average in 26 years, slumped for a 17th day as demand declined before year-end holidays.
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Rates to transport iron ore may fall after Vale SA, the world’s biggest producer, closed a railroad connecting the largest global mine for the steelmaking raw material to a port.
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The Baltic Dry Index , a measure of commodity-shipping costs, fell for the 34th consecutive day, the longest decline in almost nine years, as rates plunged to hire larger iron ore carriers.
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Charter rates for Capesize ships, the biggest carriers of iron ore, fell the most in two months as demand declined for the steel-making raw material from China, the world’s biggest buyer of the commodity.
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Rio Tinto Group and BHP Billiton Ltd. will report record profits this year as Australia ships more iron ore than ever and still fails to meet Chinese demand that has increased sevenfold in a decade.
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