Dry bulk market picks up as iron ore shipments to China rise

The dry bulk market made significant gains over the past week as shipments of Brazilian and Australian iron ore climbed, according to market observers.

The Baltic Dry Index skyrocketed 64% over the past seven days to 883 points on Friday, marking its highest point in five weeks.

Capesize bulkers saw the greatest improvement over the week, as the Cape 5TC set of spot-rate averages across five key routes bounded 135% to $5,271 per day.

But average spot rates for the other bulker sizes also trended upward over the week.

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