The Baltic Dry Index, a measure of shipping costs for commodities, posted its biggest monthly drop since October on plunging rentals for iron-ore carriers.
Iron ore to make steel is the biggest single dry-bulk commodity hauled at sea, accounting for 25 per cent of the total in the second quarter, according to Drewry Shipping Consultants Ltd in London. Stocks of the material in China, the biggest iron-ore user, are 0.6 per cent short of levels last September, when they rose to the highest since at least 2006.
And the fleet of carriers is growing. The global dry-bulk fleet will expand 14 per cent to 492.8 million deadweight tons this year, according to Drewry estimates that exclude scrapping, cancelled orders and delays.
Notice the peaking in the fall and near-fall months.
No comments:
Post a Comment