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Baltic Dry Index Breaks Out as a “Perfect Storm” Hits Shipping

The daily benchmark measuring the cost of shipping raw materials across major global maritime routes is breaking out to a nearly three-year high this week, as Bloomberg reports that typhoons are squeezing the supply of Capesize vessels just as mining companies increase iron ore shipments across the Pacific and Atlantic. The Baltic Dry Index, which tracks freight rates for several vessel classes, including Capesize,…