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Vessel rents unlikely to improve

RS Plataou Markets AS recently remarked that rates were unlikely to improve following the fall in the Baltic Dry Index (BDI), on the back of rents dwindling for all four vessels types tracked by it, according to Exim News Service.
While the Baltic Exchange, a London-based provider of freight rates on more than 50 maritime routes, slid 0.3 per cent to settle at 1,264, Plataou Markets AS said that rents for Capesize ships, typical carriers of iron ore and coal, led the fall after rising last week for the first time in four weeks. "Demand is limited and ship supply is ample," Platou said.
An analyst at Platou said he expects the markets to trade sideways, considering that the recent events in the global financial markets had added to the negative bias, in addition to fears of uncertainty over global commodity demand and slowdown gripping the sector
While the daily Capesize charter costs dropped 0.8 per cent to $ 10,032, scaling down last week's 7.5 per cent gain, the exchange brought to light that rents had dipped by half in 2011, considering that the fleet of commodity-hauling ships was expanding faster than demand. Down 20 per cent this year, the hiring rates for Panamax vessels, the largest ship in use for navigating the Panama Canal, dipped 0.1 per cent to $ 11,785, while daily Handysizes plunged 0.4 per cent to $ 9,670, the exchange said.

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