Chinas surging imports of metals, grain seen as boon to bulk shipping

  • Home
  • /
  • Chinas surging imports of metals, grain seen as boon to bulk shipping

The huge import of metals, grain and other commodities by China isproviding a boost to the bulk shipping sector. Daily freight rates for Capesize ships, the largest bulk carriers, jumped to an 18-month high last week at around $35,000 and the Baltic Dry Index, which tracks the cost of moving commodities by sea, pushed to a 10-year high of 2,808.Its been a spectacular period, which is very much off-season.Normally demand falls by around 9 per cent from the fourth into the first quarter, according to analysts.China is now stepping up its investment in industrial production to fuel economic growth, and consumer demand in Western economies is growing stronger, said a report.