Forget coal, metal and soybeans. The real killing to be made in commodities this year was with the ships that move them around. The Baltic Dry index, which measures freight rates for ships transporting dry goods on the world’s main trade routes, has risen 146 per cent in 2007. Lead, this year’s best performing “traditional” commodity, has managed 114 per cent.

Shipping has been subject to the same forces that have pushed up the prices of cargoes; namely China’s expansion, alongside healthy economic growth elsewhere. This year, bottlenecks in supply chains have added further pressure – for example, space constraints at Australian ports have left coal ships queuing idly at sea, further reducing available cargo space.