The Baltic Dry Index (BDI) reached its highest point in almost a year on Wednesday as the capesize bulker market kept up its rapid ascent as a result of China’s steady demand for iron ore.

The BDI rose 3.4% to 1,752 points on Wednesday to attain its highest level since coming in at 1,755 points on 25 October last year and hitting a low of 538 points on 17 February this year.