Freight rise is unsustainable: John Kemp
LONDON, May 29 (Reuters) - Freight rates continue to rise sharply, on Thursday reaching the highest level since Sept. 2008, led by strong increases for the largest Capesize bulk carriers on the coal and iron ore routes from Brazil (C3) and Australia (C5) to China.
The cost to charter a Capesize vessel to carry iron ore from Brazil to China has risen 275 percent from $9.30 to $34.938 per tonne since the start of the year.
While rates are still far below levels experienced during the boom years of 2003-2008, they are high compared with the more modest standards of the previous decade.
The Baltic Exchange's main sea freight index, which remained below 2,000 points for most of the time between 1985 and 2003, hit 3,298 points on Thursday.
Read on...
The cost to charter a Capesize vessel to carry iron ore from Brazil to China has risen 275 percent from $9.30 to $34.938 per tonne since the start of the year.
While rates are still far below levels experienced during the boom years of 2003-2008, they are high compared with the more modest standards of the previous decade.
The Baltic Exchange's main sea freight index, which remained below 2,000 points for most of the time between 1985 and 2003, hit 3,298 points on Thursday.
Read on...