Shipping: The Baltic Dry Index rose 3.4% to 2835, for the 4th straight day. Capsizes jumped the most, gaining 8.4% to US$39k/day with more activity in iron ore cargoes in the Pacific. Strengthening demand from China is helping owners overcome a fleet expanding at a record speed. Chinese iron ore imports climbed 8.7% in July. Smaller panamax ships, which ship coal and grains added 2.6% to $24k/day. Supramaxes fell 1.5% to $21k/ while handysizes fell 0.2% to $16k/.
The capesize fleet has expanded 14% to 191m dwt so far in 2010. It grew a record 36.5m dwt in July & swelled another 35m dwt in August. The beneficiaries of firmer bulker rates listed on SGX are Mercator (panamax), STX PO (mainly handysize/ handymax, some capsize) & Courage Marine (mainly handysize/handymax, some panamax).
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