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Shipping Chief: China Craves Commodities

Commodity prices have been rising around the world, thanks in part to a buying boom from China. Peter Georgiopoulos runs a trio of shipping companies, including Genco Shipping & Trading and General Maritime , and has seen the boom first-hand.

“China has really not missed a beat,” Georgiopoulos told CNBC. “The government put in programs and started spending money, and they started spending right away.”

“Additionally, they went to the banks and said ‘You’re going to start lending,’ and so what we’ve seen is demand for iron ore, coal, all types of commodities, and it has really accelerated as we’ve gone through the year.”

Georgiopolous predicts commodity prices will continue to rise long-term.

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