Ship Rates Extend Surge as Brazil-China Ore Cargoes Seen Gaining
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Iron-ore shipping rates extended a nine-day surge amid speculation that bookings are climbing for vessels to deliver Brazilian cargoes to China, the world’s largest importer of the commodity used in steel.
Rates for Capesizes carrying about 160,000 metric tons jumped 13 percent to $9,360 a day, according to the Baltic Exchange in London today. They rallied 59 percent in the preceding eight trading days, according to the shipping bourse publishing freight prices on more than 50 maritime trade routes.