The capesize bulker sector continued to endure rough seas as an overabundance of open vessels pushed spot rates downhill for a fourth day.
The Baltic Exchange’s Capesize 5TC, a spot-rate average across five key sectors, dropped to just under $23,400 per day on Friday, a 38.8% slump since peaking on Monday.
“The Pacific Ocean trade had the charterers in the driving seat as they often managed to achieve lower than last done fixing levels throughout the week as they encountered ample tonnage options,” Baltic Exchange analysts wrote on Friday in their weekly wrap on the bulker market.
