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Shipping rates lose direction

25 February 2010


Baltic Dry Index flat as world waits for China to return to work after New Year

Rates for shipping dry bulk materials were flat this week, as miners wait for Chinese steel mills to restart after the New Year holiday to determine demand for iron ore and coking coal, while the long term demand was also mixed.The Baltic Dry Index (BDI) fetched 2707 on 24 February '10, compared with 2704 the previous week. Capesize, Panamax, Supramax, and Handysize were 3278, 3272, 2204, and 1108, respectively.Adding to uncertainty to dry bulk transport rates, China was still negotiating with iron ore miners over annual long term benchmark contract prices, despite an earlier...