Gold extended its record-breaking run yesterday while silver, platinum, palladium and copper reached fresh highs for the year, and the Baltic Dry's rally accelerated sharply. The global benchmark for freight costs for dry bulk commodities jumped 6 per cent to 4,643 points, taking the Baltic's gains since the rally began eight weeks ago to 114.6 per cent.

Michael Gaylard, strategy director of Freight Investor Services, said the strength and rapidity of the freight market's rise had taken shipowners and charterers by surprise. “Many were expecting a strong fourth quarter but not a doubling of rate levels in a matter of weeks,” said Mr Gaylard.

Freight derivative traders have also seen a significant increase in trading volumes. “Buying interest is huge, there is little resistance to the rise and sellers are hard to come by,” said one broker.