Storms Cause Australia Bulk Rates to Dip

Iron ore and coal shipping rates slid for a fifth day amid speculation storms in Australia are curbing demand for vessels.

Australia is the world’s largest exporter of iron ore and coal used to make steel, according to data from Clarkson Plc (CKN), the world’s largest shipbroker, informs Bloomberg.

Daily earnings for Capesizes hauling 160,000 metric ton cargoes declined 1.7 percent to $7,785, according to the Baltic Exchange, the London-based publisher of freight rates. Losses extended across all four vessel types tracked by the Baltic Dry Index, leading the gauge of commodity shipping costs down 0.8 percent to 792.

Source: Bloomberg