Bulk shipping rates, based on the Baltic Dry Index, have surged by 96.4% year-to-date and by 319% since their February trough. That may partly be down to a shortage of shipping capacity as Vale’s exports of iron ore have resumed. The mining firm’s exports of iron ore from Brazil have climbed by 93.3% in July versus their April trough, though a 3.4% sequential increase versus June suggests the recovery may be slowing. Shipments to China have taken a priority – the country accounted for 79.3% of shipments in July – while exports by other producers including CSN and Anglo American fell sequ...