March 9 (Bloomberg) -- The Baltic Dry Index, a measure of shipping costs for commodities, rose to the highest since Oct. 9 on demand to ship South American grains.
The index advanced 37 points, or 1.7 percent, to 2,262 points, according to the Baltic Exchange today. Rates to hire so- called panamax vessels, used to haul grain, climbed 3.9 percent and have jumped 59 percent on a nine-day run to $18,562 a day. Larger capesize ships that typically transport iron ore to make steel, shed 0.4 percent to $28,382 a day.
Iron-ore stocks in China, the world’s biggest steelmaker, have jumped 1.2 percent this year while domestic prices for hot- rolled steel sheet, a benchmark steel product, fell 7.7 percent. The steel industry globally accounts for almost half of all dry-bulk cargo, according to shipper Golden Ocean Group Ltd. more...
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