The Baltic Dry Index (BDI) reached its highest point in more than a decade, breaking 2,700 points for the first time since October 2010.
The BDI came in at 2,710 points on Wednesday, thanks to capesize bulker spot rates taking a huge leap amid China's heightened demand for high-quality Brazilian iron ore.
"As reported by Platts, the strong steel prices, and the sintering controls in Tangshan, are resulting in mills favouring higher-quality iron ore fines, which should be supportive of particularly Brazilian output, in our view," Clarksons Platou Securities wrote in its daily dry bulk market note.
