By Ann Davis, The Wall Street Journal

Some Wall Street traders are exploring investments in an unlikely place -- the high seas.

Investors in the increasingly crowded commodities sector are betting not just on the price of raw materials but also on the cost of delivering them.

Trading ocean-freight rates -- prices for getting oil, grain and coal to their destinations -- has become a hot new pursuit, with trades totaling an estimated $35 billion to $45 billion annually, up from roughly $20 billion to $30 billion a couple of years ago, participants estimate ......
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