baltic index moves up on fresh cargo interest
The main index of maritime transport on the Baltic Exchange.
Buddy, who tracks dry goods shipping rates, rose on Wednesday with the help of fresh goods interest, reversing a weak trend in recent transactions.
Brokers said that as global demand for commodities remains sluggish, the market is expected to continue to fluctuate in the next few weeks.
The index measuring the cost of shipping resources such as iron ore, cement, grain, coal and fertilizer rose by 2.
After the eighth consecutive decline, 14% or 82 points to 3,918 points.
Brokers say operators seeking to hire ships to transport raw materials, especially those that ship raw materials to China, have pushed up the market.
\"I think it will last about a week, and there is enough motivation before these goods are shipped,\" said a ship broker . \".
Brokers said the improvement in freight derivatives activity since Tuesday may also boost market sentiment.
\"There is a lot of talk about new cargo inquiries in the Atlantic Ocean, but it seems that a large part of it is actually not a firm business, instead, it is more market for traders trying to sell goods to softer goods, said Andrew Dawson, agent of FIS.
China\'s demand for iron ore and coal, increased congestion in ports in China and Australia, and tight supply of ships have driven three
Rebound in the week ending November. 20.
As China\'s demand for iron ore fluctuates, the main index for this year is still unstable, and iron ore is the main material made of steel.
Much of this year\'s activity is driven by demand for capsized vessels, which typically transport 150,000 tons of cargo, such as iron ore and coal.
Capsizing index of the Baltic Sea. BACI rose 3.
Wednesday was £ 67%, with an average capital-scale gain of $67,041.
In the rally last month, they reached a peak of $2009 in June, close to 93,197.
Baltic Panama index. BPNI rose 1.
Analysts say there could be pressure on freight charges as there is concern that more and more new ships will be available in 2010, despite signs of cancellations and delays by some ships.
\"In the end, the weight of tonnage will drive the freight market down --
This may happen after the first quarter of next year . \"
\"At the same time, we will face more volatility,\" he said . \"(
Editor Anthony Barker)((jonathan. saul@reuters. com;
207 542 4357;
Reuters News: Jonathan. saul. reuters. com@reuters. net))