Ship Rates at 33-Month High

Charter rates for ships carrying iron ore reached a 33-month high due to rebuilding inventories in China Bloomberg reported.

As quoted in the market news:

Hire rates for Capesize vessels, each 1,000 feet long and able to haul at least 150,000 metric tons of cargo, rose 9.7 percent to $32,945 a day, according to the Baltic Exchange, the London-based publisher of shipping costs on global maritime routes. That was the highest since Nov. 24, 2010, data compiled by Bloomberg showed.

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