OVER THE past two weeks, the Baltic Exchange Dry Index rose to over 4,000 points before slipping to 3,483 points at the time of writing. China-driven import demand (particularly iron ore and coal) has pushed a recent rally in the freight market. The latest preliminary customs statistics reveal that China imported 53.46 million mt of iron ore in May, the second-highest monthly import total. This marks a 37% rise on the same month in 2008.
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