Rates for ships that haul dry-bulk cargoes such as grain and coal advanced as demand to hire the vessels increased.

Ship owners will have to contend with an increase in the dry-bulk fleet of 13.4 percent this year and 6.2 percent in 2013, according to a Wells Fargo report published today. Growth in the seaborne dry-bulk trade will slow to 4 percent this year from 5 percent in 2011, said Wells Fargo, citing data from Clarkson Research Services, a unit of the world’s largest shipbroker.

“We expect overall demand growth to remain relatively modest and insufficient to absorb the oncoming supply of vessels,” analysts led by New York-based Michael Webber said in the report.

From Bloomberg