China iron ore imports have Baltic Exchange bulker rates soaring 38pc
DAILY charter rates for bulkers iron ore jumped a record 38 per cent to US$12,580, according to London's Baltic Exchange this week, reported Bloomberg.
The rate increase for Capesize vessels that haul about 160,000 tonnes comes as China's growth has slowed; the country received an average of 77.72 million tonnes a month this year according to China Customs data.
"We're seeing an increased push towards Chinese volume being shipped," said Clarkson Securities CEO Alex Gray. "That's what's driving us upwards at the moment."