Bloomberg News

Ore Ships at Parity With Panamaxes May Extend Slump, Pareto Says

January 16, 2012

Jan. 13 (Bloomberg) -- Charter rates for iron ore-carrying capesize ships may extend this year’s 64 percent slump once port congestion eases, according to Pareto Securities AS, an Oslo- based investment bank.

Rents for the vessels, which haul at least 160,000 metric tons of cargo, declined 18 percent to $9,959 a day yesterday, according to the Baltic Exchange in London. Panamax ships about half the size cost $10,663 daily to charter. It’s the first time in five months capesize rates have matched panamaxes.

About 5.8 percent of the dry-bulk fleet is delayed at ports, Pareto said, citing information from ViaMar, a company that tracks congestion.

--Editors: Dan Weeks, Alastair Reed.

To contact the reporter on this story: Alaric Nightingale in London at anightingal1@bloomberg.net

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus