The average spot rate for capesize bulkers to carry iron ore from Australia to China dropped on Monday as Asia entered a second week of Lunar New Year celebrations amid rising bunker prices.
The benchmark C10-14 transpacific route slid 33% to $4,546 per day, continuing a steady decline from $9,041 per day achieved on 1 February as festivities began.
“As more people in the East return to the office this week, activity should pick up,” Clarksons Platou Securities wrote in a note on Monday.
