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Baltic Dry Index surges on growing Chinese freight demand

Iron ore imports to the second-largest economy tip the scale

The increase in cargo headed for China is fueling a rise in the Baltic Dry Index.

TOKYO -- Sea freight prices are on the rise for small, medium and large bulk carriers, with the Baltic Dry Index lifting to a high last seen in November 2014 on Tuesday, thanks to robust Chinese demand for iron ore.

The benchmark index hit 1,333 Tuesday after increasing 11% over the past week. The figure is up more than 90% from mid-February, as rates for large vessels carrying cargo such as iron ore continue to rise.

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