Mccloskey Coal News

Freight rates for Capesize bulk carriers are bouncing back from a 15-week dive, as Japanese steel producers rush for ships to carry coal and iron ore cargoes bought at last year's prices. "Japanese buyers would have taken contracts for 2000 with options for additional cargoes of iron ore and coking coal," said one London broker. "The sudden rush for ships to carry those cargoes has put upwards pressure on freight rates," he added. He said producers of iron ore and buyers were miles apart in negotiations over 2001 contracts. London shipbroker SSY's Capesize Index showed a sudden reversal in the direction of rates, with the Atlantic Index gaining 75 points in the week ending Monday to reach 4,498.

American Commercial Lines Inc. (ACL) will present at the McCloskey Coal USA Conference at the New York Marriott Marquis Hotel in New York City on June 27. Mark R. Holden, President and Chief Executive Officer, is a scheduled presenter at the conference.