GE Shipping to maximise spot exposure in dry-bulk segment

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jan 2009

GE Shipping Co Ltd plans to maximise spot exposure in the dry-bulk segment due to lower rates, it Chief Financial Officer said Friday. "The number (of long-term contracts) will not go up in dry bulk. It may not be advisable to fix long-term contracts as the market can turn," G Shivakumar said on a conference call. The Baltic Exchange's dry sea freight index .BADI for global resources trade sank nearly 90 percent in 2008.
Currently less than 13 percent of dry-bulk carriers are on long-term contracts and the rest are on spot, he added.

Source: Reuters