20070807 PM

DJIA 13,504.30 35.52
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Financials doing dead cat bounce.

Ocean Freight Costs Seen High Next Two Years
Ocean freight costs may remain high over the next two years, as demand for foodstuffs, iron ore and coal in China and India is expected to stay robust, Credit Suisse said Monday in an equity research report on Asia's dry bulk shipping sector.

The report estimates global dry bulk trade demand will grow 5% annually until

2010. The major dry bulk items are iron, coal and grains.

As a result of this high demand, ocean freight rates will continue to gain in the second half of 2007. In 2008, freight rates may rise by 5% on year, while an oversupply of vessels may slow down growth in the second half of 2009.

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