Capesize bulker rates may 'drift lower' over the week

Physical spot rates for capesize bulkers did not change much on Monday from Friday, but they may crawl downwards into this coming Friday before heading back up in the weeks that follow, according to an industry expert.

The capesize 5TC, a spot-rate average weighted across five routes, improved only 2.2% to $31,266 per day, Baltic Exchange data showed.

"My view is that we drift lower for the next week, but not anything meaningful," John Kartsonas, founder of asset-management advisory firm Breakwave Advisors, told TradeWinds.