Spot rates for capesize bulkers declined on Tuesday, but the futures market signalled better days ahead for the volatile sector.
The Baltic Exchange’s Capesize 5TC set of spot-rate averages across five key routes slipped 3.8% on Tuesday to just over $19,000 per day.
“Despite what brokers had thought was a reasonable amount of enquiry at the start the week, it has been a somewhat sluggish day,” Baltic Exchange analysts wrote in their daily take on the market.
