The cost of Hiring Ships is rising because China is
shipping more iron ore cargo and Japan is buying huge volumes of Coal for its
power plant.
The tight supply of iron ore from India has made Chinese
importer to look from other sources. The hiring charges of capesize four type
ships have almost tripled. The hire charge for six month of ship with carrying
capacity of 1,70K has gone up to US$ 25,000 a day.
Most of the Miners and Traders are interested in hiring
ships on long term basis to avoid any freight rise on their business.
The resources in Africa can fulfill the demands of the
Asian raw material. The high demand of Coal by India and China also contributed
for the rising hire charges. In return, African market has got the increase
demand of Rice, Automobiles etc. This can be assumed as opening of new Silk
Route of the present century.
Top ten shipping companies are working hard and revising
their investment for connecting Africa with Asia. The market clearly show the
clear demand as the share prices of the exporters from Africa is showing
significant increase.
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