Dalian: The Baltic Dry Index leapt 10% last week on the back of solid demand from China as the nation’s property sector rebounds. Capesize earnings spiralled 45%, to their highest peak seen since September.
A shortage of ships in the Atlantic was cited as the main reason for the boom.
“The lack of ballasters sailing prior to Christmas due to a lack of cargo seems to be causing a slight squeeze now for those charterers with January canceling cargo,” shipbroker Braemar Seascope said in an e-mailed report.
Clarkson, the world’s largest shipbroker, noted that: “The beginning of February in Brazil started to be tight. When the freight market is at rock bottom, it doesn’t take much to bounce back.”
Chinese mills are tipped to soon return to the spot market to replenish iron ore stockpiles with steel production still in full swing.
More Chinese cities saw home prices rise in December month on month despite the government's continued firm stance on property market controls, the latest data indicated.
According to figures released on Friday by the National Bureau of Statistics (NBS), December 2012 saw 54 of a statistical pool of 70 major Chinese cities, up from 53 in November, record higher new home prices than a month earlier. This marked a third consecutive month of such increases.
China's land price inflation for residential homes is expected to quicken this year after picking up in the fourth quarter, the Ministry of Land and Resources said on January 15, amid growing expectations that the property market is rebounding. [21/01/13]
