Shipping rates fall for logsShipping prices for logs have eased in the past month. The cost of shipping logs to China is currently around US$38 per JASm³, accounting for approximately 30% of the in-market price. The Baltic Dry Index has plunged over the past month falling 23% in value. Meanwhile the Handysized sub-index firmed in the later part of May but has dropped away through the early part of June.Global demand for large ships is currently very weak, driven by a reduction in Chinese demand for coal and iron ore. Meanwhile the smaller Supermax and Handysize ships are still in reasonable demand for transportation of dry bulk commodities. Demand for general freight may improve should the stimulus package recently announced by China provide the intended boost to this economy. Interest rate cuts are one of the tools that China’s government is using to stimulate their economy. Source: www.nzxagri.com/agrifax |
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