Baltic Dry Jumps More Than 50 Percent In A Week
The Baltic Dry Index closed almost 10% higher Friday at 1,642. The index, the benchmark for freight costs for dry bulk commodities such as iron ore, coal and grains, has now jumped 53.5% in a week.
The index is now at it's highest level in four months and almost 150% up on it's December low of 663.
A renewed Chinese appetite for iron ore is being cited as one of the main factors behind this sudden rapid increase, together with a correction from an overdone move to the downside, shipbrokers say.
The index is now at it's highest level in four months and almost 150% up on it's December low of 663.
A renewed Chinese appetite for iron ore is being cited as one of the main factors behind this sudden rapid increase, together with a correction from an overdone move to the downside, shipbrokers say.
