It looks set to be a good weekend for capesize owners after one of the most sudden and dramatic rallies in spot rates in more than a decade, but it has also been a record-breaking week in the freight derivatives market.
Wednesday saw record cleared volumes on capesize contracts. Nearly 19,100 lots cleared across the capesize 5TC contracts and options, and futures on the C5 Australia to China route, according to data compiled by Freight Investor Services (FIS), a specialist brokerage of freight and commodities derivatives.
