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Baltic Dry climbs to three-year high

Chinese demand for steel caused dry bulk rates to surge in the past week, notes Morgan Stanley.

Photo: Norden

The major Capesize vessels pushed dry bulk rates up to their highest level in three years. Chinese demand for steel, and thus iron ore imports, made the benchmark Baltic Dry Index soar, writes Morgan Stanley in an update.

However, the durability of the surge is not reflected in investor interest, as the shares in listed dry bulk carriers are not – with a few exceptions, Eagle Bulk and Golden Ocean – noting a similar rising trend.

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