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.
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.
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.
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.
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.
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.
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.
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.
Rates to ship iron ore and other commodities were little changed today amid speculation falling steel prices in China will curb vessel demand.
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.