London: The Baltic Exchange in London has finally announced an easing in dry bulk shipping costs following a decrease in the Baltic Dry Index. The index declined for the first time in 23 days on Wednesday when it dropped to 6,650 as a result of lower rates for capesize and panamax ships following an easing of congestion at Australian ports.
After more than three weeks, the queues of vessels at Newcastle port eased down to 64 (from 70 in late April). Although rates still remain extremely high, brokers are optimistic that continued easing of congestion would further lower rates. [18/05/07]
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