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Strong iron ore trade increases rates on large bulk vessels

Rates on large dry bulk vessels have surged following a stronger iron ore trade in May. On the other hand, the market is tougher for smaller segments, according to shipbroker.

Photo: Songa Bulk

Last week, rates on large dry bulk vessels increased by 15 percent thanks to a stronger iron ore export in Brazil, which has targeted China in particular, show analyses by Allied Shipbroking and investment bank Cleaves Securities.

"We have seen an overall better image emerge on the larger size segments, thanks to the better trade movements that were noted in the iron ore trade during the month of May," writes Allied Shipbroking.

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