Commodity Shipping Rates Post Biggest Daily Gain in a Decade
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In an already banner year for shipping, commodity carriers just saw their biggest daily gain in a decade.
Average rates for giant Capesize bulk carriers -- which can carry products like coal, iron ore and grains -- jumped by $6,700 a day on Monday, the most since 2010, as owners continue to benefit from strong demand for raw materials. The rally extended Tuesday, pushing the daily rate to almost $53,700, the highest level in 11 years, Baltic Exchange data show.