Carrier bookings jump in wake of stimulus

Bookings of the largest iron-ore carriers surged on increased buying of the commodity used to make steel because of stimulus measures in China, according to Dahlman Rose & Co.

Ten Capesizes were booked to carry iron ore to China on Tuesday, compared with an average of 21 to 22 a week for the past several months, Omar Nokta, an analyst in New York, said in an e-mailed report on Tuesday. China is buying more steel and iron ore as the government plans to spend about $155 billion on industrial stimulus, according to the report.

"This is the first jolt of life in the dry bulk spot market since late 2011," Nokta said in the report. "We can expect to see better-than-expected import volumes into China."

China Daily-Agencies