China Demand Edges Commodity Freight Rates Upward
Rates to ship iron ore, coal and grains rose for the longest streak in almost a year on speculation Chinese demand increased.
The Baltic Dry Index gained for a 15th straight session, adding 1.4 percent to 912 today, according to the Baltic Exchange, the London-based publisher of shipping costs. That’s the longest streak since March 30, 2012. Daily earnings for Capesizes, the largest ships tracked by the gauge, rose 1.7 percent to $4,977, according to the exchange, reports Bloomberg.
Gains extended across other vessel types tracked by the index. Daily earnings for Panamaxes rose for a 30th session, increasing 1 percent to $9,465, according to the exchange. Supramaxes gained 1.4 percent to $9,934, and Handysizes increased 1.7 percent to $7,765.