BIFFEX FALLS FURTHER BY CLOSE
Dry cargo futures on BIFFEX extended
early losses during the afternoon session to close 30 to 52
points lower because of uncertainty as to where the physical
market will go in the near term, dealers said.
    Initial panic profit-taking snowballed and triggered
further sell stops. A 2.5 point fall in the Baltic Freight
Index to 1030.5 further dampened sentiment after its strong
advance over the past week, they added.
    Rumours of lower rates circulated the market this
afternoon, but some dealers said easier fixtures talked of
today involved older tonnage and may not be representive of
current conditions.
 Reuter
