It's onward and upward for dry bulk names again today, as The Baltic Dry Index posts its largest gain since 2009, rising 9.3% to 1,478. (daily quotes here)
The driver: An 8.1% expansion in Chinese iron ore imports. "Steel production in China is defying a seasonal slowdown in prices, allowing mills to absorb high iron ore imports," a Morgan Stanley analyst quoted by Bloomberg says.
After rising 10% overnight Friday, daily capesize earnings jump 17% to $25,426, the highest since December of 2011.
ETF- SEA +1.4%
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