The capesize bulker market tumbled over the past week as owners and charterers held off on fixing ships in anticipation of February's Lunar New Year and Beijing Winter Olympics.
The capesize 5TC, a spot-rate average weighted across five key routes, dropped 40% to $7,390 per day on Friday, according to Baltic Exchange data.
"Prior to the lunar holidays scheduled in Asia, owners seem more inclined to swallow the ever decreasing time charter returns in the Pacific as opposed to braving a ballast past Singapore to where the market is obscure and murky at best," Braemar ACM Shipbroking said...
