By Edgar Ang
NEW YORK, April 13 (Reuters) – The Baltic Exchange’s surging Capesize bales index, an indicator of all-around minerals demand, ran out of beef this week, dipping beneath the 8,000 point mark on Friday, address brokers said.
The Baltic’s Capesize basis .BACI, for classes of address over 150,000 tonnes carriage adamant ore and coal, had sailed through the 8,000 credibility on April 4 for the aboriginal time back December 2004 back it set a almanac of 8,911 points.
This week, the basis fell for three afterwards canicule in the additional bisected of the anniversary amidst quiet chartering interest.
Although the basis was down, the abbreviate aeon ante for Capesize ships hit a almanac aerial backward on Thursday.
The basis was bottomward 30 credibility to 7,960 credibility on Friday.
“Charterers are demography a breach and abetment off from the bazaar afterwards the aciculate acceleration aftermost week,” a agent in London said.
The basis alone this anniversary amidst record-setting concise allotment ante because some allotment deals were done way beneath the high, the additional agent said.
The 175,000-dwt, 2006-built Sideris GS was accountant at a almanac aerial for concise charters of $105,000 a day, brokers said.
The address was to be delivered to Portugal in aboriginal May for a two and bisected to four ages hire.
“I wouldn’t apprehend too abundant into it because the allotment of two and a bisected months is about like a single-voyage,” a additional agent said.
The single-voyage ante a Brazil-Asia boating was called at $112,000 a day.
“Two and a bisected months may acquiesce the address to captain one cruise or maybe one continued cruise and a abbreviate one,” he added.
The bazaar angle for aing anniversary is alloyed as brokers were clumsy to appear to a accepted accord on the bazaar direction.
Some brokers apprehend ante to resume the ascend aing week, with some assured added downside afore a rebound.
“Unlike Panamax and Handymax markets, the Capesize bazaar is added airy as appeal is added sporadic,” a third agent said.
“We accept Capesize ante and basis will backlash and abide to acceleration by backward aing week.”
One key acknowledging agency to the bullish dry bales bazaar is the able atramentous and adamant appeal from India, he said.
“In 2004, the bazaar rose after the Indian acceptation demand, and this year, India is a big importer,” the third agent said.
The additional agent said that the Capesize ante accept added allowance to fall, extending the bottomward drive able-bodied into aing week.
((Editing by Marguerita Choy; Reuters Messaging; [email protected]; 1 646 223 6057)) Keywords: BALTIC FREIGHT/CAPESIZE
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