Capesize Index Jumps As Rates Rise

Monday, October 11, 1999
The Baltic Capesize Index jumped 39 points to 1,508 last week as caper rates continued to rise worldwide, brokers said. Ilva was reported to have fixed 130,000 tons iron ore Tubarao/Taranto for prompt loading at $8.65 basis pier 2, and also took Belmay to load 130,000 tons coal at Gladstone and Newcastle for Taranto pier 2 for end October at $12.70. The Baltic Freight Index (BFI) rose four points to 1,271 but the Baltic Panamax Index slipped three points to 1,229 and the Baltic Handy Index was unchanged at 940. Panamax rates were less steady than the capers, brokers said. Paxicon fixed Pasquale Della Gatta 75,400 dwt del U.S. Gulf mid Oct trip Kosichang at a weaker $10,000 daily plus a $190,000 ballast bonus, but brokers reported that there were a substantial number of fresh grain enquiries in the Atlantic for Panamaxes and Handy sizes as well.
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