By David Hannon -- Purchasing, 11/15/2007 7:00:00 AM
Dry bulk ocean freight rates continued to set records in October as demand for ocean shipping of raw materials far outpaces capacity.
The Baltic Dry Index, which tracks the rates for shipping dry commodities, cracked 10,000 for the first time on Oct. 9 and hit an all-time record of 10,756 a week later. The index has nearly doubled since June.
In an Associated Press report, analyst Ole Slorer said dry bulk commodity demand should drive ocean freight rates even higher than originally forecast over the next three to five months. And longer term, he says while the number of new vessels expected to launch in 2010 and 2011 might slow the vessel rates' steep upward climb, there will be few obstacles for the market over the next two years.
And Geoffrey Cheng, a shipping analyst for Daiwa Institute of Research, expects rates to continue up 10–15% in the next three years.
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