A capesize bulker market that has been hurtling towards the heavens may soon return to Earth amid slowing demand for iron ore, according to market experts.
The capesize 5TC, a spot-rate average weighted across five key routes, has doubled over the past month to 2008 levels, coming in at $79,535 per day on Tuesday after falling 3.8%.
It has soared amid a combination of high demand and port congestion, but a return to rates as high as almost $234,000 per day in June 2008 is highly unlikely, experts believe.
