The capesize bulker market regained some lost ground on Thursday as rates for iron ore shipments from Australia to China made significant headway.
The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes leapt to $9,863 per day on Thursday, offsetting losses sustained in the past week to attain the highest point since late August. The surge represents the second day of gains since rates bottomed at $8,266 per day on Tuesday, after plunging from more than $15,900 per day at the start of August.
