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Ships hauling iron ore earned more than they need to cover running for the first time in almost five months, amid speculation that demand for the raw material is accelerating.
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Rates to ship iron ore reached a 19- week high on speculation China, the largest buyer of the commodity used to make steel, will rebuild stockpiles and ease import rules.
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The cost of shipping iron ore rallied the most in more than a month amid speculation that a slowdown in record fleet growth is helping owners to negotiate better charters.
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Rates to ship coal and grains snapped the longest losing streak on record amid speculation owners refused unprofitable charters at a time when rising Chinese stockpiles are curbing demand.
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STX Pan Ocean Co., South Korea’s biggest commodities shipping line, filed for court receivership after a drop in rates left it unable to pay off its debt.
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Rates for ships hauling coal and grains posted the longest losing streak on record as the merchant fleet’s largest glut magnified seasonal declines in demand from South America and India.
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Rates to ship iron ore rose by the most in almost a month on speculation demand remains high even as a surplus of vessels keeps earnings below operating costs.
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Rates to ship dry bulk commodities including coal and iron ore extended a decline to the lowest level in three months amid a surplus of ships.
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Rates to ship iron ore and other commodities were little changed today amid speculation falling steel prices in China will curb vessel demand.
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Asian stocks slid, with the regional benchmark index’s heading for its first monthly decline since October, as a drop in Japanese shipping lines limited a rebound in the nation’s shares and utilities slumped.
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