Shipping

Shipping: Baltic Dry Index rose to the highest level in 12 weeks on demand for panamax vessels to transport cereals after Russia extended a ban on grain exports. Russia’s ban on grain and flour exports is expected to last at least until next year’s crop is harvested, which is in Nov 2011. This means that panamax rates would be supported by grain fixtures over then next 12-15 months. The 2 operators of panamax vessels listed on SGX are Mercator & Courage Marine.