Shipping Index Soars as China Iron Ore Buying Seen Curbing Fleet
- Rates for Brazil-to-China jump most on record on lack of ships
- Surge results in biggest 2-day Baltic Dry rally Since 2009
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A measure of shipping costs for commodities had its biggest two-day gain in almost seven years amid speculation Chinese iron ore purchasing is eroding the supply of vessels to collect the raw material from Brazil.
The Baltic Dry Index rose 18 percent on Thursday and Friday, the most for two days since Feb. 2009, according to the Baltic Exchange in London. Charter costs for Capesize ships that take iron ore to China from Brazil rose by 16 percent to $14.59 a ton.