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THE
Baltic Dry Index, a measure of shipping costs for
commodities, fell for the first time in nine days on
concerns about an economic slowdown.
The
index, which tracks transport costs on international
trade routes, retreated 4 points, or almost 0.1 percent,
to 7,957 points, according to the Baltic Exchange in
London.
The
decline was due to so-called capesize vessels, used to
haul coal and iron ore. All other index components
gained.
“The
financial turmoil has had an impact in the boardrooms of
shipping companies, as in other companies. A lot of
people were expecting a higher market in March and
April,” said Kjetil Sjuve, a director at Oslo-based ship
broker Lorentzen & Stemoco AS. “People are a bit more
cautious.”
Economic
turbulence, sparked by a US housing slump, has reduced
money to borrow while banks and securities firms have so
far posted about $245 billion in asset writedowns and
credit losses.
A global
slowdown may reduce the need for ships and a credit
squeeze will make it tougher to finance haulage.
Coal
derivatives, financial instruments used to bet on future
prices of the fuel, rose. Contracts for coal delivered
to Amsterdam, Rotterdam or Antwerp with settlement next
year advanced $1.65, or 1.3 percent, to $132.15 a ton,
according to GFI Group Ltd.
The
contract is influenced by freight rates that can account
for as much as half the price of delivered coal. GFI has
about 30 percent of trade in coal derivatives.
(Bloomberg) |
