Bloomberg reported that Charter rates for the largest iron ore carrying ships reached a 33 month high on rebuilding of inventories in China, the world’s biggest importer of the steelmaking raw material.

According to the Baltic Exchange, hire rates for Capesize vessels, each 1,000 feet long and able to haul at least 150,000 tonnes of cargo, rose 9.7% to USD 32,945 per day the London based publisher of shipping costs on global maritime routes. That was the highest since November 24th 2010.

Mr Marc Pauchet senior analyst at London based ACM Shipping Group Plc said that ore shipments to China from Australia and Brazil, the world’s two biggest exporters also increased as production expands. Capesize rents gained for a 23rd session in 24 on the Brazil to China route.

Mr Rune Sand an analyst at Carnegie SA in Oslo whose recommendations on the shares of shipping companies returned 18% in the past year said that “For shipowners, this is very positive. Forward contract rates are also surging, meaning owners can lock in revenues at attractive rates now.”