Research by Braemar ACM Shipbroking has thrown up another factor that has added to the oversupply of capesize bulkers and driven down spot rates — ships exiting repair yards in China.
Twenty-three capesizes have re-entered the trading fleet since mid-April after departing Chinese shipyards, where they were undergoing scheduled maintenance and surveys.
Baltic Exchange panellists assessed the capesize 5TC rate — the weighted average of spot rates across five key routes — almost 8% lower on Monday at $21,516 per day.
