《考研英語閱讀理解100篇 高分版》 Unit 7 - TEXT THREE

Breaking records can become monotonous after a while. The Baltic Dry Index, which tracks the costs of shipping “dry” goods such as iron ore, coal and grain around the world, dipped this week after hitting an all-time high on November 13th. But it is still up 154% from a year earlier.
As with so much to do with commodities, the extraordinary rise in freight rates is partly because of China's appetite for raw materials. A dearth of new ships, and flotillas waiting to berth in overcrowded ports (especially in Australia), are also driving rates higher. The cost of shipping iron ore from Brazil to China is now more than the cost of digging up the ore itself. Yet what makes the problem worse (or better, if you are a ship-owner) are the ways in which shifts in supply and demand are altering trade patterns around the world, especially in commodities like iron ore and coal, which are the most frequently traded cargoes in international shipping.
Take iron ore. China's biggest suppliers—Australia and India—have been unable to cope with the surge in demand. According to Icap Hyde, a firm of shipbrokers, Australia's market share of China's iron-ore imports fell from 70% around 15 years ago to about 40% last year. Earlier this year, to ensure enough iron ore for its own industries, India imposed tariffs on sales of iron ore abroad. Over the years, Chinese steel producers have scouted elsewhere for the metal—mainly in Brazil, where they have secured long-term supply contracts. But it takes three times as long to move cargo from Brazil to China as it does from Australia, which, in effect, reduces shipping capacity for each shipment of Brazilian iron ore to China that comes at Australia's expense.
Meanwhile, China used to export much more coal than it imported, according to Jon Chappell of JPMorgan. As recently as 2001, its net exports of coal were 89m tons. So far this year, it has imported almost as much as it has exported. Other East Asian countries such as Japan, South Korea relied heavily on China for coal and now have to import it from Australia, South Africa and the Americas. So does India. Meanwhile, drought in Australia has meant that large Asian importers have had to ship grain from as far away as America.
In general, points out Icap Hyde, there is an “oceanic imbalance” between the Atlantic and Pacific. Supply is spread across both oceans, even as demand is concentrated in Asia. Shipping ton-miles for the major “dry” goods, which indicates the extent to which more freight is moved over longer distances, rose by 45% between 2001 and 2006. That is good news for freight rates, if any more were needed. By all accounts, the bull run is likely to last until 2009, when a huge number of new ships are due to be launched. Let's hope they are built for trans-oceanic travel.
1. Which one of the following statements is TRUE of the Baltic Dry Index?
[A] The index is increased by 154% compared with the previous year.
[B] The index keeps track on the trade cost of all sorts of dry goods.
[C] The index has been breaking records for at least a few years.
[D] The index is monotonous during this period.
2. The word “scout” （Line 4, Paragraph 3） most probably means _____.
[A] change
[B] turn
[C] seek
[D] outsource
3. Australia's market share of China's iron-ore imports went through a steep fall because _____.
[A] the ports in Australia are overcrowded
[B] the shipping capacity is reduced
[C] the iron-ore demand of China is increased greatly
[D] the tariffs are imposed on sales of iron ore
4. The “oceanic imbalance” between Atlantic and Pacific refers to _____.
[A] the imbalance in dry goods supply
[B] the imbalance in dry goods demand
[C] the imbalance in shipping ton-miles for the dry goods
[D] the imbalance in freight rates
5. The bull run of dry goods shipping will most probably be ended by _____.
[A] rise of the shipping ton-miles for the major “dry” goods
[B] the shifts in supply and demand
[C] the increase of the shipping capacity
[D] the launch of new ships in great number