China’s Coal Frenzy Has Commodity Freight Zooming Higher
- Earnings for Capesize ships near $75,000, highest since 2009
- Energy crunch creates scramble to procure coal in Asia
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China’s energy crisis has sent shipping costs spiraling as the Asian country snaps up coal to keep powering its economy this winter.
Giant capesize commodity carriers -- used to haul coal -- are now earning almost $75,000 a day, the most since 2009. Those earnings are up more than 50% so far this month as a scramble to procure coal for power generation coincides with already-strong demand for industrial commodities.