The market for capesize bulkers leapt forward on Wednesday, surprisingly undeterred by China’s celebration of Golden Week.
The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes jumped 13.8% on Wednesday to $21,175 per day, reaching its highest point since late July.
“It’s surprising actually because spot volumes have been somewhat limited this week due to the holidays in the Far East,” Jefferies analyst Omar Nokta told TradeWinds.
