The average spot rate for capesize bulkers fell like a stone over the past week as Pacific rates to ship iron ore from Australia to China dropped steadily.
The capesize 5TC, a spot-rate average weighted across five key routes, declined 43.5% over the past seven days to hit $22,613 per day on Friday.
The average spot rate for the C10 transpacific roundtrip voyage, which covers the iron ore trade between China and Australia, contributed significantly to the capesize sector's rapid decline.
