Shares of DryShips, Inc. (NASDAQ: DRYS) soared as much 20% on Friday after Bloomberg reported that shipments of iron ore to China are poised to rise after inventories of the steelmaking raw material at local ports fell to the lowest since 2010. Stockpiles came to 71.3 million metric tons as of Dec. 21, according to figures from researcher Antaike Information Development. That was the lowest level since Sept. 10, 2010. China is the world’s biggest importer of the ore. The Baltic Dry Index (BDIY), a measure of costs to transport minerals and grains by sea, averaged the lowest since 1986 last year amid an oversupply of vessels and slowing global demand for commodities that supressed ship earnings. China imported almost two-thirds of the 1.1 billion tons of iron ore shipped by sea in 2012, according to Clarkson Plc, the biggest shipbroker.
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