Morgan Stanley: Chinese demand boosts bulk rates by 33 percent

Rates for the major capesize vessels soar on sizeable Chinese demand and a significant surge in Brazilian iron ore exports.

Photo: Songa Bulk

Large Chinese demand for iron ore and a surge in Brazil's export of iron ore last week sent rates for the major capesize vessels, the workhorses of the dry bulk sector, up 33 percent.

This development sent the benchmark Baltic Dry Index (BDI) up 20 percent, write Morgan Stanley's shipping analysts in a comment Monday.

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