Iron Ore Shipping Costs Plunge 47%

Bloomberg reported iron ore shipping costs plunged 47% in the past year as demand slipped in China.

As quoted in the market news:

Rates to hire a capesize ship, the largest in the fleet of dry-bulk vessels, dropped 6.1 percent to $14,535 a day, according to the London-based Baltic Exchange. That’s less than half the 2011 high of $32,889 reached on Dec. 12, according to exchange data.

Click here to read the full Bloomberg report.