The C16 transatlantic backhaul route for capesize bulkers has emerged as a serious money maker as Europe seeks coal from greater distances during the Russia-Ukraine conflict.
The average spot rate for this ballasting route has skyrocketed to $30,500 per day on Monday from $1,050 per day when the war began on 24 February, according to Baltic Exchange data.
This astounding rate, which has not been seen in eight months, is rivalling the average spot rate for the C8 transatlantic round voyage between Brazil and China, which stood at $33,125 per day on Monday.
