By Chris Cooper
Dec. 15 (Bloomberg) -- Mitsui O.S.K. Lines Ltd., Japan's largest operator of iron-ore ships, rose to the highest in two months in Tokyo and led domestic shippers higher, as rates for carrying commodities had their biggest daily gain on record.
The shipping line advanced as much as 11 percent to 607 yen and traded at 597 yen as of 9:54 a.m. on the Tokyo Stock Exchange. Nippon Yusen K.K., Japan's biggest shipping line by sales, gained as much as 8.4 percent and Kawasaki Kisen Kaisha Ltd., the third-largest, increased as much as 9.3 percent.
The Baltic Dry Index, a measure of commodity-shipping rates, gained 7.5 percent on Dec. 12 and had its first weekly gain in four on rebounding demand for shipments of iron ore to make steel. China imported 32.5 million metric tons of iron ore last month, up from 30.6 million tons in October, according to customs data.
The index is down 94 percent from its all-time high in May after a credit freeze made it tougher to finance cargoes and the global economy slowed.
Hanjin Shipping Co., South Korea's largest sea-cargo carrier, gained as much as 12 percent to 20,800 won in Seoul trading.
To contact the reporter on this story: Chris Cooper in Tokyo at ccooper1@bloomberg.net
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