May 19 (Bloomberg) -- The Baltic Dry Index, a measure of shipping costs for commodities, rose to a seven-month high in London on accelerating Chinese demand for iron ore. China’s imports of iron ore, used in steelmaking, jumped 33% in April, setting a record for a third month, the customs office said last week. The nation, the world’s biggest steel producer, is stockpiling commodities as part of a reallocation of its sovereign wealth, Brian Jackson, senior strategist at the Bank of Canada in Hong Kong, said yesterday.
The index tracking transport costs on international trade routes added 39 points, or 1.5%, to 2,644 points, according to the Baltic Exchange. That’s the highest since Oct. 8 and marks a 13th consecutive advance. Rentals climbed for every class of ship tracked by the bourse.
MP: The Baltic Dry Index advanced again today (May 20), for the 14th consecutive day, rising another 21 points to 2,665.
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