Container or bulk, shippers face a tidal wave of woes

Jul 01, 2008 | 06:03 AM |

Ferrous scrap exporters large and small looking for more containers and break-bulk vessels as well as cheaper ocean freight rates might have a long await ahead.

A steep rise in demand for dry commodities like iron ore, coal, cement and grain has pushed up dry bulk cargo rates as well as container rates, industry analysts say.

"Clearly there has been a lot of demand for dry commodities and that has pushed up dry bulk freight rates for all dry bulk vessels. Separately, TEU (20-foot equivalent unit container) rates are roughly $1,750 on average from overseas ports into the United States, whereas they were about $1,650 in the final quarter of last year, so they are up about 6 percent year to date," according to Gregory Lewis, an industry analyst at Credit Suisse First Boston.....

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